Illinois Compiled Statutes 50 ILCS 465 Local Government Housing Finance Act. Section 55

    (50 ILCS 465/55)

    Sec. 55. Interests of corporate officers or employees; participating lending institutions. Notwithstanding the provisions of any other law to the contrary, a member of the corporate authorities, or an officer or employee of the Authority, may be an officer, employee, or stockholder of a lending institution or lender participating in a residential housing finance plan of the corporate authorities, provided the member (if a member of the corporate authorities) declares such position or interest at a regular meeting of the corporate authorities prior to passage of an ordinance establishing the plan and abstains from voting on the ordinance.

(Source: P.A. 92-142, eff. 7-24-01.)

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Last modified: February 18, 2015