hmmm, tough question. and maybe a bit of a gray area. For things like illustrations you would do one of two things, either sign a work for hire contract (as mentioned before) that would give all rights to the person/company that hired you, or sign a usage contract which would stipulate the terms/length/regions/etc that the work could be used. In that case you might sign something that said you can use this for 2 years, in North America only and in print only. In which case after 2 years you could do whatever you wanted with it.
The probelm i think you've got is that you did the work while working for the company. I think that if you had just done it for a band straight up and only recieved a freelance check then you'd be in the clear to use the imagery in whatever way you wanted so long as it didnt contain the band's name.
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