Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 5/3.05

(805 ILCS 5/3.05) (from Ch. 32, par. 3.05)

Sec. 3.05.

Purposes.

Corporations for profit may be organized under
this Act for any lawful purpose or purposes, except for the purpose of banking
or insurance; provided, however, that
corporations may be organized under this Act for the purpose of buying,
selling, or otherwise
dealing in notes (not including the discounting of bills and notes and not
including the buying and selling of bills of exchange), open accounts, and
other similar evidences of debt, for the purpose of carrying on the
business
of a syndicate or limited syndicate under Article V-1/2 of the Illinois
Insurance Code, or for the purpose of carrying on business as a member of
a group including incorporated and individual unincorporated underwriters when
the Director of Insurance finds that the group meets the requirements of
subsection (3)
of Section 86 of
the Illinois Insurance Code and the corporations, if insolvent, are
subject
to liquidation by the Director of Insurance under Article XIII
of the Illinois Insurance Code.

Medical corporations, as authorized by the Medical
Corporation
Act, may be organized under this Act.

Professional Service Corporations, as authorized by the
Professional
Service Corporation Act, may be organized under this Act.

(Source: P.A. 88-535.)