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HB0811 Engrossed LRB096 04081 WGH 14120 b AN ACT concerning institutional funds.
HB0811 Enrolled LRB096 04081 WGH 14120 b AN ACT concerning institutional funds.
(B) a government or governmental subdivision, agency, HB0811 Engrossed - 2 - LRB096 04081 WGH 14120 b or instrumentality, to the extent that it holds funds exclusively for a charitable purpose;
(B) a government or governmental subdivision, agency, HB0811 Enrolled - 2 - LRB096 04081 WGH 14120 b or instrumentality, to the extent that it holds funds exclusively for a charitable purpose;
HB0811 Engrossed - 3 - LRB096 04081 WGH 14120 b Section 3.
HB0811 Enrolled - 3 - LRB096 04081 WGH 14120 b Section 3.
(1) In managing and investing an institutional fund, HB0811 Engrossed - 4 - LRB096 04081 WGH 14120 b the following factors, if relevant, must be considered:
(1) In managing and investing an institutional fund, HB0811 Enrolled - 4 - LRB096 04081 WGH 14120 b the following factors, if relevant, must be considered:
(4) An institution shall diversify the investments of HB0811 Engrossed - 5 - LRB096 04081 WGH 14120 b an institutional fund unless the institution reasonably determines that, because of special circumstances, the purposes of the fund are better served without diversification.
(4) An institution shall diversify the investments of HB0811 Enrolled - 5 - LRB096 04081 WGH 14120 b an institutional fund unless the institution reasonably determines that, because of special circumstances, the purposes of the fund are better served without diversification.
Unless stated otherwise in the gift instrument, the assets in an HB0811 Engrossed - 6 - LRB096 04081 WGH 14120 b endowment fund are donor-restricted assets until appropriated for expenditure by the institution.
Unless stated otherwise in the gift instrument, the assets in an HB0811 Enrolled - 6 - LRB096 04081 WGH 14120 b endowment fund are donor-restricted assets until appropriated for expenditure by the institution.
(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the HB0811 Engrossed - 7 - LRB096 04081 WGH 14120 b duration or purpose of the fund;
(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the HB0811 Enrolled - 7 - LRB096 04081 WGH 14120 b duration or purpose of the fund;
(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the HB0811 Engrossed - 8 - LRB096 04081 WGH 14120 b function was delegated.
(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the HB0811 Enrolled - 8 - LRB096 04081 WGH 14120 b function was delegated.
The institution shall notify the Attorney General of the HB0811 Engrossed - 9 - LRB096 04081 WGH 14120 b application, and the Attorney General must be given an opportunity to be heard.
The institution shall notify the Attorney General of the HB0811 Enrolled - 9 - LRB096 04081 WGH 14120 b application, and the Attorney General must be given an opportunity to be heard.
HB0811 Engrossed - 10 - LRB096 04081 WGH 14120 b Section 7.
HB0811 Enrolled - 10 - LRB096 04081 WGH 14120 b Section 7.
Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that Act, 15 U.S.C.
Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that Act, 15 U.S.C.
Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that Act, 15 U.S.C.
Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 U.S.C.
HB0811 Engrossed - 11 - LRB096 04081 WGH 14120 b Section 11.
HB0811 Enrolled - 11 - LRB096 04081 WGH 14120 b (760 ILCS 50/Act rep.) Section 10.1.
(Blank).
(760 ILCS 50/Act rep.) Section 12.
Section 12.1.
Section 10.2.
HB0811 Engrossed - 12 - LRB096 04081 WGH 14120 b (Source:
(Source:
83-388.) (805 ILCS 110/43) (from Ch.
83-388.) HB0811 Enrolled - 12 - LRB096 04081 WGH 14120 b (805 ILCS 110/43) (from Ch.
However, this limitation on the disposition of real or personal property does not apply to the extent that a restriction imposed by a donor on the use of an institutional fund may be released by the governing board of an institution under the " Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973.
However, this limitation on the disposition of real or personal property does not apply to the extent that a restriction imposed by a donor on the use of an institutional fund may be released by the governing board of an institution under the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973.
180) HB0811 Engrossed - 13 - LRB096 04081 WGH 14120 b Sec.
180) Sec.
The trustees of every such congregation, church, or society, under the patronage, control, direction, or supervision of any ecclesiastical body, or diocesan, or like ecclesiastical officer, after the same has become incorporated under Sections 46a to 46h, inclusive, of this Act, and their successors, shall have perpetual succession with power to adopt a common seal, which may be altered and changed at pleasure, contract, and be contracted with, sue and be sued, plead and be impleaded, by the corporate name of such congregation, in all courts, whatever;
The trustees of every such congregation, church, or society, under the patronage, control, direction, or HB0811 Enrolled - 13 - LRB096 04081 WGH 14120 b supervision of any ecclesiastical body, or diocesan, or like ecclesiastical officer, after the same has become incorporated under Sections 46a to 46h, inclusive, of this Act, and their successors, shall have perpetual succession with power to adopt a common seal, which may be altered and changed at pleasure, contract, and be contracted with, sue and be sued, plead and be impleaded, by the corporate name of such congregation, in all courts, whatever;
However, this limitation on the disposition of real or personal property does not apply to the extent that a restriction imposed by a donor on the use of an institutional fund may be released by the governing board of an institution under the "Uniform Prudent Management of Institutional Funds Act", approved September 15, HB0811 Engrossed - 14 - LRB096 04081 WGH 14120 b 1973.
However, this limitation on the disposition of real or personal property does not apply to the extent that a restriction imposed by a donor on the use of an institutional fund may be released by the governing board of an institution under the " Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973.
The trustees of any corporation, organized under Sections 46a to 46h, inclusive, of this Act, which is, or may be, under the control, patronage, direction or, supervision of any ecclesiastical body, diocesan, or like officer, shall hold and control, invest or reinvest the real and personal property of such corporation, and contract with reference thereto, according to the "Uniform Management of Institutional Funds Act", or the rules, regulations, constitution, articles of association, by-laws, or canons of such ecclesiastical body, diocesan, or like ecclesiastical officer.
The trustees of any corporation, organized under Sections 46a to 46h, inclusive, of this Act, which is, or may be, under HB0811 Enrolled - 14 - LRB096 04081 WGH 14120 b the control, patronage, direction or, supervision of any ecclesiastical body, diocesan, or like officer, shall hold and control, invest or reinvest the real and personal property of such corporation, and contract with reference thereto, according to the "Uniform Management of Institutional Funds Act", or the rules, regulations, constitution, articles of association, by-laws, or canons of such ecclesiastical body, diocesan, or like ecclesiastical officer.
However, HB0811 Engrossed - 15 - LRB096 04081 WGH 14120 b this limitation on the disposition of real property does not apply to the extent that a restriction imposed by a donor on the use of an institutional fund may be released by the governing board of an institution under the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973.
However, this limitation on the disposition of real property does not apply to the extent that a restriction imposed by a donor on HB0811 Enrolled - 15 - LRB096 04081 WGH 14120 b the use of an institutional fund may be released by the governing board of an institution under the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973.
Any ecclesiastical body, or diocesan, or like ecclesiastical officer, may elect, or nominate, or appoint, according to the usages, customs, rules, regulations, articles of association, constitution, by-laws or canons of such ecclesiastical body, diocesan or like ecclesiastical officer, or any sect or denomination, 2 or more members of such sect, or denomination, residing respectively in any ecclesiastical districts, or dioceses, over which such ecclesiastical body, or diocesan, or like ecclesiastical officer shall have jurisdiction, as trustees, who may become incorporated under Sections 46a to 46k, inclusive, of this Act, and may take, hold, regulate, control and dispose of any real, personal or HB0811 Engrossed - 16 - LRB096 04081 WGH 14120 b mixed property in and outside of this State, devoted to eleemosynary, educational, cemetery or religious purposes (not exclusively belonging to, or used by, any particular congregation, church or society which as an organization, incorporated or unincorporated, is in the opinion of its trustees, wardens, vestrymen or other officers whose powers and duties are similar to trustees financially able to own and maintain such property) for the use of all of the members of the sect, or denomination within said districts, or dioceses, or for the use and benefit of such ecclesiastical body, diocesan, or like ecclesiastical officer, or of any parishes, congregations, societies, churches, missions, benevolent, charitable or educational institutions existing under or related to the same, according to Sections 46a to 46k, inclusive, of this Act, according to the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973, or according to the usages, customs, rules, regulations, articles of association, constitution, by-laws or canons of such ecclesiastical body, diocesan, or like ecclesiastical officer.
Any ecclesiastical body, or diocesan, or like ecclesiastical officer, may elect, or nominate, or appoint, according to the usages, customs, rules, regulations, articles of association, constitution, by-laws or canons of such ecclesiastical body, diocesan or like ecclesiastical officer, or any sect or denomination, 2 or more members of such sect, or denomination, residing respectively in any ecclesiastical districts, or dioceses, over which such ecclesiastical body, or diocesan, or like ecclesiastical officer shall have jurisdiction, as trustees, who may become incorporated under Sections 46a to 46k, inclusive, of this Act, and may take, hold, regulate, control and dispose of any real, personal or mixed property in and outside of this State, devoted to eleemosynary, educational, cemetery or religious purposes (not HB0811 Enrolled - 16 - LRB096 04081 WGH 14120 b exclusively belonging to, or used by, any particular congregation, church or society which as an organization, incorporated or unincorporated, is in the opinion of its trustees, wardens, vestrymen or other officers whose powers and duties are similar to trustees financially able to own and maintain such property) for the use of all of the members of the sect, or denomination within said districts, or dioceses, or for the use and benefit of such ecclesiastical body, diocesan, or like ecclesiastical officer, or of any parishes, congregations, societies, churches, missions, benevolent, charitable or educational institutions existing under or related to the same, according to Sections 46a to 46k, inclusive, of this Act, according to the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973, or according to the usages, customs, rules, regulations, articles of association, constitution, by-laws or canons of such ecclesiastical body, diocesan, or like ecclesiastical officer.
The presiding officer or authorized representative of such ecclesiastical body or diocesan, or like ecclesiastical officer, shall, by virtue of his office, be a trustee of any such corporation and the number, term of office and qualifications of said trustees, their removal and succession and their powers, duties and manner of appointment, shall be regulated in the manner provided in Sections 46a to 46k, HB0811 Engrossed - 17 - LRB096 04081 WGH 14120 b inclusive, of this Act.
The presiding officer or authorized representative of such ecclesiastical body or diocesan, or like ecclesiastical officer, shall, by virtue of his office, be a trustee of any such corporation and the number, term of office and qualifications of said trustees, their removal and succession and their powers, duties and manner of appointment, shall be regulated in the manner provided in Sections 46a to 46k, inclusive, of this Act.
An affidavit showing the appointment of such trustees made and executed by the presiding officer, or duly authorized representative of such ecclesiastical body, or diocesan, or like ecclesiastical officer, or such other person as may be designated by said trustees for such purpose, in substantially the same manner and form as provided in Section 46b of this Act shall be filed in the office of the recorder in the county in which the principal office or place of worship of such corporation is intended to be situated and also a duplicate copy in the office of the Secretary of State, whenever any district or diocese, under the jurisdiction or patronage of such ecclesiastical body, or diocesan, or like ecclesiastical officer, comprises more than any one county of this State or extends outside of the State.
An affidavit showing the appointment of such trustees made and executed by the presiding officer, or HB0811 Enrolled - 17 - LRB096 04081 WGH 14120 b duly authorized representative of such ecclesiastical body, or diocesan, or like ecclesiastical officer, or such other person as may be designated by said trustees for such purpose, in substantially the same manner and form as provided in Section 46b of this Act shall be filed in the office of the recorder in the county in which the principal office or place of worship of such corporation is intended to be situated and also a duplicate copy in the office of the Secretary of State, whenever any district or diocese, under the jurisdiction or patronage of such ecclesiastical body, or diocesan, or like ecclesiastical officer, comprises more than any one county of this State or extends outside of the State.
Any church, congregation, society or corporation, heretofore or hereafter formed for religious purposes or for the purpose of religious worship under any of HB0811 Engrossed - 18 - LRB096 04081 WGH 14120 b the provisions of this Act or under any law of this State incorporating or for the incorporation of religious corporations or societies, may receive land by gift, legacy or purchase and make, erect, and build thereon such houses, buildings, or other improvements as may be necessary for the convenience, comfort and welfare of such church, congregation, society or corporation, and may lay out and maintain thereon a cemetery or cemeteries, or a burying ground or grounds and may maintain and build thereon schools, orphan asylums, or such other improvements or buildings as may be necessary for the educational, eleemosynary, cemetery and religious purposes of such congregation, church, society or corporation;
Any church, congregation, society or corporation, heretofore or hereafter formed for religious purposes or for the purpose of religious worship under any of the provisions of this Act or under any law of this State incorporating or for the incorporation of religious HB0811 Enrolled - 18 - LRB096 04081 WGH 14120 b corporations or societies, may receive land by gift, legacy or purchase and make, erect, and build thereon such houses, buildings, or other improvements as may be necessary for the convenience, comfort and welfare of such church, congregation, society or corporation, and may lay out and maintain thereon a cemetery or cemeteries, or a burying ground or grounds and may maintain and build thereon schools, orphan asylums, or such other improvements or buildings as may be necessary for the educational, eleemosynary, cemetery and religious purposes of such congregation, church, society or corporation;
HB0811 Engrossed - 19 - LRB096 04081 WGH 14120 b Any corporation, heretofore or hereafter formed for religious purposes under any of the provisions of this Act or under any other law of this State incorporating or for the incorporation of religious corporations or societies, which now or hereafter owns, operates, maintains or controls a cemetery or cemeteries, or a burial ground or grounds, is hereby authorized and empowered to accept by gift, grant, contribution, payment, or legacy, or pursuant to contract, any sum of money, funds, securities or property of any kind, or the income or avails thereof, and to hold the same in trust in perpetuity for the care of such cemetery or cemeteries, burial ground or grounds, or for the care of any lot, grave or crypt therein;
Any corporation, heretofore or hereafter formed for religious purposes under any of the provisions of this Act or HB0811 Enrolled - 19 - LRB096 04081 WGH 14120 b under any other law of this State incorporating or for the incorporation of religious corporations or societies, which now or hereafter owns, operates, maintains or controls a cemetery or cemeteries, or a burial ground or grounds, is hereby authorized and empowered to accept by gift, grant, contribution, payment, or legacy, or pursuant to contract, any sum of money, funds, securities or property of any kind, or the income or avails thereof, and to hold the same in trust in perpetuity for the care of such cemetery or cemeteries, burial ground or grounds, or for the care of any lot, grave or crypt therein;
If any gift, grant, legacy, payment or other contribution consists of non-income producing property, such corporation is authorized and empowered to sell such property and to invest the funds obtained in accordance with the provisions of the " Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973, or the provisions of the next succeeding paragraph.
If any gift, grant, legacy, payment or other contribution consists of non-income producing property, such corporation is authorized and empowered to sell such property and to invest the funds obtained in accordance with the provisions of the "Uniform Prudent Management of Institutional Funds Act", approved September 15, 1973, or the provisions of the next succeeding paragraph.
HB0811 Engrossed - 20 - LRB096 04081 WGH 14120 b The trust funds authorized by this Section shall be held intact and, unless otherwise restricted by the terms of the gift, grant, legacy, contribution, payment, contract or other payment shall be invested, from time to time reinvested, and kept invested by such corporation in such investments as are authorized by the "Uniform Prudent Management of Institutional Funds Act", and according to such standards as are prescribed, for trustees under that Act and the "Trusts and Trustees Act", approved September 10, 1973, as amended, and the net income only from such investments shall be allocated and used for the purposes set forth in the paragraph immediately preceding;
The trust funds authorized by this Section shall be held intact and, unless otherwise restricted by the terms of the HB0811 Enrolled - 20 - LRB096 04081 WGH 14120 b gift, grant, legacy, contribution, payment, contract or other payment shall be invested, from time to time reinvested, and kept invested by such corporation in such investments as are authorized by the "Uniform Prudent Management of Institutional Funds Act", and according to such standards as are prescribed, for trustees under that Act and the "Trusts and Trustees Act", approved September 10, 1973, as amended, and the net income only from such investments shall be allocated and used for the purposes set forth in the paragraph immediately preceding;
83-1362.)
83-1362.) Section 11.
Effective date.
This Act takes effect upon becoming law.
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