Not for Profit Corporation Act definition

Not for Profit Corporation Act means the Illinois General Not for Profit Corporation Act of 1986, as amended.
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Not for Profit Corporation Act means the Illinois General Not for Profit Corporation Act of 1986, as amended. A “Section” of “the Code” means a section of the Internal Revenue Code of 1986, as amended, and shall include future amendments to such section and corresponding provisions of future provisions of future federal tax laws, all as from time to time in effect.
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Examples of Not for Profit Corporation Act in a sentence

  • If authorized by the Board of Directors, the Chapter may purchase and maintain insurance on behalf of any person to the full extent permitted by the Illinois General Not for Profit Corporation Act of 1986, as in effect at the time of the adoption of these Bylaws or as amended from time to time, and by any subsequent Illinois not for profit corporation law.

  • An association, whether or not it is incorporated, has the powers and responsibilities specified in the General Not for Profit Corporation Act of 1986 that are not inconsistent with the Act or the condominium instruments (as defined in the Act).In the context of associations, the terms “board of directors” and “board of managers” are frequently usedinterchangeably.

  • In addition to the powers granted by the Articles of Incorporation and by these Amended and Restated Bylaws (these “Bylaws”), the Association shall have all powers as are now or may hereafter be granted by the Not for Profit Corporation Act.

  • Notification of meetings stating the time, date and place of meetings shall be distributed to each Director at least 14 days in advance, unless otherwise required by the Not for Profit Corporation Act or these Bylaws.

  • Whenever any notice is required to be given under the provisions of the Not for Profit Corporation Act, the Articles of Incorporation, or these Bylaws, a waiver thereof in writing signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

  • Whenever any notice is required to be given under the provisions of the Not for Profit Corporation Act, the Articles of Incorporation, or these Bylaws, a waiver thereof in writing signed by the Director entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

  • No amendment or repeal of these Bylaws shall in any way conflict with the purposes of the Association as stated in its Articles of Incorporation or otherwise cause the Association to lose its qualification as an organization exempt from federal income taxation under Code Section 501(c)(3) or violate the provisions of the Not for Profit Corporation Act applicable to the Association.

  • Such action shall become effective upon receiving the approval of a majority of the Members casting votes, or such larger number as may be required by the Not for Profit Corporation Act, the Articles of Incorporation, or these Bylaws, provided that the number of Members casting votes would constitute a quorum if such action had been taken at a meeting and provided further that appropriate notice of such action has been provided.

  • Unless otherwise required by the Not for Profit Corporation Act or these Bylaws, there shall be no annual or regular meetings of the Members.

  • If a quorum is present, the affirmative vote of a majority of the votes present and voted, shall be the act of the Members, unless the vote of a greater number is required by the Illinois General Not for Profit Corporation Act, the Articles of Incorporation, or these Bylaws.

Related to Not for Profit Corporation Act

  • Nonprofit corporation means a nonstock corporation organized under ch. 181 that is a nonprofit corporation, as defined in s. 181.0103 (17).

  • Foreign nonprofit corporation means an entity:

  • Not-for-Profit Organization means a nonprofit corporation as defined in ORS 307.130.

  • Not-for-Profit means that an organization receives compensation only for the reasonable costs of its operation, including reasonable compensation for products and services provided to Members to enable them to use Medical Cannabis pursuant to Health and Safety Code Sections 11362.7 et seq.; reasonable compensation for employees; reasonable out-of-pocket expenses incurred in providing those products or services, or both. Reasonable out-of-pocket expenses may include, but are not necessarily limited to, reasonable expenses for Member services and education, rent or mortgage, utilities, construction, furniture, maintenance, analytic testing, security, professional service costs, regulatory compliance costs, debt service, and reserves.

  • Subchapter S Corporation (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of stock of Borrower, or (d) purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

  • Education Act means the Education Act, R.S.O. 1990, c. E.2, as amended.

  • Business Corporations Act means the Business Corporations Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

  • Michigan economic development corporation means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512, by a contractual interlocal agreement effective April 5, 1999, as amended, between local participating economic development corporations formed under the economic development corporations act, 1974 PA 338, MCL 125.1601 to 125.1636, and the Michigan strategic fund. If the Michigan economic development corporation is unable for any reason to perform its duties under this act, those duties may be exercised by the Michigan strategic fund.

  • Professional employer organization means an employee leasing

  • small enterprise means an enterprise which employs fewer than 50 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 10 million;

  • Religious organization means a church, ecclesiastical corporation, or group, not organized for pecuniary profit, that gathers for mutual support and edification in piety or worship of a supreme deity.

  • Metropolitan planning organization means the same as that term is defined in Section 72-1-208.5.

  • Nonprofit organization means an organization that is exempt from federal income taxation pursuant to Section 501(a) of the Code and described in Section 501(c) of the Code and that has as one of its designated activities, as indicated on United States Internal Revenue Service form 1023 "recognition of exemption", an activity that is directly related to the purposes for which grants may be issued under Revised Code Sections 164.20 through 164.27 as described in divisions (A) and (B) of Revised Code Section 164.22

  • Public corporation means a county, city, village, township, port district, drainage district, special assessment district, or metropolitan district of this state, or a board, commission, or another authority or agency created by or under an act of the legislature of this state.

  • Veteran-owned Small Business Enterprise (VSBE) means A business that is verified by the Center for Verification and Evaluation (CVE) of the United States Department of Veterans Affairs as a veteran-owned small business. See Code of Maryland Regulations (COMAR) 21.11.13.

  • Family farm corporation means a corporation founded for the purpose of farming agricultural land in which the majority of the voting stock is held by and the majority of the stockholders are persons or the spouse of persons related to each other within the fourth degree of kinship, according to the rules of the civil law, and at least one of the related persons is residing on or actively operating the farm, and none of whose stockholders are a corporation. A family farm corporation does not cease to qualify under this division where, by reason of any devise, bequest, or the operation of the laws of descent or distribution, the ownership of shares of voting stock is transferred to another person, as long as that person is within the degree of kinship stipulated in this division.

  • Next Michigan development corporation means that term as defined in section 3 of the next Michigan development act, 2010 PA 275, MCL 125.2953.

  • of a corporation means all classes of Capital Stock of such corporation then outstanding and normally entitled to vote in the election of directors.

  • Professional limited liability company means a limited

  • Agricultural employer means any person, including the state and its political subdivisions, who engages the services of any employee to perform agricultural labor. If any employee is present at the workplace of an agricultural employer under an agreement between that agricultural employer and another agri- cultural employer or employer, “agricultural employer” means the agricultural employer with control or custody of a pesticide. An agricultural employer who engages some employees to per- form agricultural labor and other employees for other purposes is only an agricultural employer with respect to the employees engaged to perform agricultural labor.

  • Nonprofit means a nonprofit corporation as defined and established through

  • Constituent corporation means a corporation or a foreign corporation that:

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Black woman-owned enterprise means an enterprise with at least 25, 1% representation of black women within the black equity and management portion.

  • For-profit organization means: a sole-proprietorship, partnership, limited liability company, corporation, or other legal entity that is organized or operated for the profit or financial benefit of its shareholders or other owners. Such organizations also are referred to as “commercial organizations”.

  • S corporation means a person that has made an election under subchapter S of Chapter 1 of Subtitle A of the Internal Revenue Code for its taxable year.