Illinois Compiled Statutes 805 Business Organizations: Article -
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 1
This Act shall be known and may be cited as the Illinois Development Credit Corporation Act. (Source: Laws 1965, p. 577.)
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 2
The purpose of this Act is to assist and encourage the development and advancement of the business prosperity and economic welfare of the State,...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 3
As used in this Act, unless the context otherwise requires: "Development credit corporation" means any corporation organized pursuant to this Act for the purposes...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 4
The purposes of a development credit corporation shall be limited to those provided in this Section and shall be to promote, stimulate, develop and...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 5
Any 3 or more qualified natural persons, all of whom shall be bona fide residents of this State, who desire to associate themselves for...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 6
As soon as practicable after the receipt of the proposed articles of incorporation, the Director shall, from the best sources of information available, ascertain...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 6.1
All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 7
Upon receipt of the certificate of preliminary approval the applicants may proceed to complete the organization of the development credit corporation, to obtain subscriptions...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 8
When the applicants have completed the organization of the proposed development credit corporation, they shall file with the Director a certificate of organization executed...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 9
As soon as practicable after the filing of the certificate of organization by the applicants, the Director shall issue to the applicants a certificate...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 10
Upon the issuance of the certificate of incorporation by the Director, the corporate existence of the development credit corporation begins. The certificate of incorporation...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 11
The articles of incorporation for a development credit corporation organized under the provisions of this Act shall state: (1) The name of the corporation,...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 12
The articles of incorporation may be amended by a majority vote of the stockholders and members who will vote in accordance with Section 16...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 13
The first annual meeting shall be held as soon as practicable after the issuance of a certificate of incorporation. The first and subsequent annual...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 14
The management of the affairs of the corporation shall be administered by a board of directors. Until the first meeting of stockholders, the incorporators...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 15
A financial institution may request membership in a development corporation by making application to the board of directors thereof on such form and in...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 16
At annual or special meetings of stockholders and members with respect to matters submitted for a vote to such stockholders and members (with the...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 17
Each corporation organized under this Act shall have power: (1) To sue and be sued, complain and defend, in its corporate name; (2) To...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 18
All development credit corporations shall possess all applicable powers and privileges granted corporations by the "Business Corporation Act of 1983" and shall be subject...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 19
The corporation shall set apart as an earned surplus at least 50% of its net earnings each year until such earned surplus equals the...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 20
The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 21
The corporation shall be subject to the supervision and examination of the Director and the corporation shall pay the actual expenses of such examination...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 22
The holders of capital stock as such shall have no preemptive or preferential right to purchase or subscribe for any part of the unissued...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 23
Any corporation organized under this Act, after the payment in full and cancellation of all its bonds and other obligations issued under the provisions...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 24
Except as otherwise provided in Section 25, all domestic corporations organized for the purpose of carrying on business within this State and all foreign...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 25
A financial institution which does not become a member of a corporation established by this Act shall not acquire any shares of the capital...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 26
Each financial institution which becomes a member of a corporation organized under this Act is authorized to acquire, purchase, hold, sell, assign, transfer, mortgage,...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 27
(1) Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to a Development Credit Corporation...
- Illinois Development Credit Corporation Act. - 805 ILCS 35, Section 28
(1) The Director may forthwith direct the suspension of operation and take possession and control of any Development Credit Corporation whenever he or she...
Last modified: February 18, 2015