Bill Text: IL HB4435 | 2025-2026 | 104th General Assembly | Introduced

---

Bill Title: Amends the Business Corporation Act of 1983. Provides that nothing in the Act shall grant or recognize the power of a corporation to engage in activities related to the nomination or election of candidates for public office or the initiation, submission, or consideration of questions of public policy.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Introduced) 2026-06-15 - Added Co-Sponsor Rep. Lindsey LaPointe [HB4435 Detail]

Download: Illinois-2025-HB4435-Introduced.html

---

104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026HB4435 Introduced , by Rep. Sharon Chung SYNOPSIS AS INTRODUCED:
805 ILCS 5/3.10 from Ch. 32, par. 3.10
Amends the Business Corporation Act of 1983. Provides that nothing in the Act shall grant or recognize the power of a corporation to engage in activities related to the nomination or election of candidates for public office or the initiation, submission, or consideration of questions of public policy.
LRB104 17551 SPS 30979 b
A BILL FOR
HB4435 LRB104 17551 SPS 30979 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Business Corporation Act of 1983 is amended
by changing Section 3.10 as follows:
(805 ILCS 5/3.10) (from Ch. 32, par. 3.10)
Sec. 3.10. General powers. Each corporation shall have
power:
(a) To have perpetual succession by its corporate name
unless a limited period of duration is stated in its articles
of incorporation.
(b) To sue and be sued, complain and defend, in its
corporate name.
(c) To have a corporate seal which may be altered at
pleasure, and to use the same by causing it, or a facsimile
thereof, to be impressed or affixed or in any other manner
reproduced, provided that the affixing of a corporate seal to
an instrument shall not give the instrument additional force
or effect, or change the construction thereof, and the use of a
corporate seal is not mandatory.
(d) To purchase, take, receive, lease as lessee, take by
gift, legacy, or otherwise acquire, and to own, hold, use, and
otherwise deal in and with any real or personal property, or

HB4435 - 2 - LRB104 17551 SPS 30979 b
any interest therein, situated in or out of this State.
(e) To sell and convey, mortgage, pledge, lease as lessor,
and otherwise dispose of all or any part of its property and
assets.
(f) To lend money to its directors, officers, employees
and agents.
(g) To purchase, take, receive, subscribe for, or
otherwise acquire, own, hold, vote, use, employ, sell,
mortgage, loan, pledge, or otherwise dispose of, and otherwise
use and deal in and with, shares or other interests in, or
obligations of, other domestic or foreign corporations,
associations, partnerships, or individuals and, subject to the
provisions of Sections 9.05 and 9.10 of this Act, to purchase,
take, receive, or otherwise acquire, hold, own, pledge,
transfer, or otherwise dispose of its own shares. However, if
applicable, each corporation shall comply with the provisions
of The Illinois Bank Holding Company Act of 1957.
(h) To incur liabilities; to borrow money for its
corporate purposes at such rates of interest as the
corporation may determine without regard to the restrictions
of any usury law of this State, to issue its notes, bonds, and
other obligations; to secure any of its obligations by
mortgage, pledge, or deed of trust of all or any of its
property, franchises, and income; and to make contracts,
including contracts of guaranty and suretyship, but a
corporation may not be organized hereunder for the purpose of

HB4435 - 3 - LRB104 17551 SPS 30979 b
insurance.
(i) To invest its surplus funds from time to time and to
lend money for its corporate purposes, and to take and hold
real and personal property as security for the payment of
funds so invested or loaned.
(j) To conduct its business, carry on its operations, and
have offices within and without this State and to exercise in
any other state, territory, district, or possession of the
United States, or in any foreign country, the powers granted
by this Act.
(k) To elect or appoint officers and agents of the
corporation, and define their duties and fix their
compensations.
(l) To make and alter by-laws, not inconsistent with its
articles of incorporation or with the laws of this State,
except as provided in Section 2.30, for the administration and
regulation of the affairs of the corporation.
(m) To make donations for the public welfare or for
charitable, scientific, religious or educational purposes; to
lend money to the State or Federal government; and, to
transact any lawful business in aid of the United States.
(n) To cease its corporate activities and surrender its
corporate franchise.
(o) To establish deferred compensation plans, pension
plans, profit-sharing plans, share bonus plans, share option
plans, and other incentive plans for its directors, officers

HB4435 - 4 - LRB104 17551 SPS 30979 b
and employees and to make the payments and issue the shares
provided for therein.
(p) To indemnify its directors, officers, employees or
agents in accordance with and to the extent permitted by
Section 8.75 of this Act.
(q) To be a promoter, partner, member, associate or
manager of any partnership, joint venture or other enterprise.
(r) To have and exercise all powers necessary or
convenient to effect any or all of the purposes for which the
corporation is formed, except that nothing in this Act shall
grant or recognize the power of a corporation to engage in
activities related to the nomination or election of candidates
for public office or the initiation, submission, or
consideration of questions of public policy.
(Source: P.A. 88-151.)