Illinois Compiled Statutes 805 ILCS 35 Illinois Development Credit Corporation Act. Section 11

    (805 ILCS 35/11) (from Ch. 32, par. 1011)

    Sec. 11. The articles of incorporation for a development credit corporation organized under the provisions of this Act shall state:

    (1) The name of the corporation, which name shall include the words "Illinois Development Credit Corporation" but shall have in addition a numerical or other designation so as to distinguish it from any development credit corporation which may be organized subsequently and the name shall be such as to distinguish it from any other corporation organized under the laws of this State;

    (2) The purpose for which the corporation is formed;

    (3) The period of duration of the corporation, which may be perpetual or limited;

    (4) The address of its principal office and the name of its agent on whom process may be served;

    (5) The total number of shares of stock which the corporation is authorized to issue, the number of shares of each class, the par value of such shares, or a statement that the shares are of no par value;

    (6) The number of directors, not less than 18, to be elected at the annual meeting;

    (7) The names and addresses of the incorporators, not less than 3, who will manage the affairs of the corporation until the first meeting of stockholders and members;

    (8) Any provisions, not inconsistent with law, which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.

    It is not necessary to set out in the articles of incorporation any of the corporate powers enumerated in this Act.

(Source: Laws 1965, p. 577.)

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Last modified: February 18, 2015