(a) The Authority possesses all the powers as a body corporate necessary and convenient to accomplish the purposes of this Act, including, without any intended limitation upon the general powers hereby conferred, all of the following: (1) To enter into loans, contracts, and agreements in any matter connected with any of its corporate purposes and to invest its funds. (2) To sue and be sued. (3) To employ those agents, employees, and independent contractors necessary to carry out its purposes, and to fix their compensation, their benefits, and the terms and conditions of their employment. (4) To have and use a common seal and to alter the seal at pleasure. (5) To adopt all needful resolutions, by-laws, and rules for the conduct of its business and affairs. (6) To have and exercise all powers and be subject to all duties usually incident to boards of directors of corporations. (b) The Authority shall not have the power to levy taxes for any purpose whatsoever. any matter connected with any of its corporate purposes and to invest its funds. independent contractors necessary to carry out its purposes, and to fix their compensation, their benefits, and the terms and conditions of their employment. seal at pleasure. rules for the conduct of its business and affairs. all duties usually incident to boards of directors of corporations.
‹ Prev All Illinois sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.