Director conflict of interest
- Statute:
- Illinois §108.60 · Act NP (General Not For Profit Corporation Act of 1986)
- Topic:
- Board Duties · Conflicts
- Applies to:
- Nonprofit associations
A contract or transaction with a director is not automatically void if it is fair to the corporation and is disclosed and approved as this section provides. CPA §18 and CICAA §1-30 add a member-notice and 20-percent-petition overlay for contracts with a sitting board member or a 25-percent-owned entity.
📄 Read the official text at ilga.gov →
How SoShiny helps with Director conflict of interest
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does Illinois §108.60 require?
- A contract or transaction with a director is not automatically void if it is fair to the corporation and is disclosed and approved as this section provides. CPA §18 and CICAA §1-30 add a member-notice and 20-percent-petition overlay for contracts with a sitting board member or a 25-percent-owned entity.
- Who does Illinois §108.60 apply to?
- Illinois §108.60 applies to Nonprofit associations in Illinois.
- What happens if our nonprofit corporation doesn't comply with §108.60?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for Illinois community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of Illinois §108.60?
- The official text is published by the Illinois General Assembly at ilga.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Director conflict of interest?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of Illinois §108.60 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a Illinois-licensed attorney. For the official statutory text, see the link above.
Stay current on Illinois association law.
Get the free quick-reference guide plus a heads-up when the statutes that govern your community change.
Don’t run your nonprofit corporation on spreadsheets.
Start your community free →