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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:



 
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    Section 5. The State Treasurer Act is amended  by adding 
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Section 17.5 as follows:
 
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    (15 ILCS 505/17.5  new)
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    Sec. 17.5. The State Treasurer Financial Education and 
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Savings Not-for-Profit Corporation.
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    (a) The Treasurer is authorized in accordance with Section 
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of the State Agency Entity Creation Act to create the   State 
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Treasurer Financial Education and Savings Not-for-Profit 
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Corporation.  To create the Not-for-Profit Corporation, the

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Treasurer shall file articles of incorporation and bylaws as 
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required under the
General Not For Profit Corporation Act of 
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1986 and take any other necessary steps as may be required 
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under State and federal law.  There
may be not less than 4 nor 
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more than 11 Directors to the Not-for-Profit Corporation.    No 
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Director
may receive compensation for his or her services to 
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the Not-for-Profit Corporation.
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    (b) The purposes of the Not-for-Profit Corporation are to 
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promote financial literacy and savings among the
residents of 
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the State of Illinois, to issue grants and scholarships for 
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educational purposes, and to engage generally in other lawful 
 


 






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endeavors
consistent with the foregoing purposes.  The 
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Not-for-Profit Corporation may not exceed the
provisions of the 
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General Not For Profit Corporation Act of 1986.
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    (c) As soon as practical after the Not-for-Profit 
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Corporation is created, the Directors
shall meet, organize, and 
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designate, by majority vote, a President, Secretary,
and any 
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additional officers as may be needed to carry out the 
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activities of the
Not-for-Profit Corporation.  The Treasurer 
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may adopt rules and regulations as deemed
necessary to govern 
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Not-for-Profit Corporation procedures.
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    (d) The Not-for-Profit Corporation may accept gifts, 
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grants, donations, or other contributions from any private 
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person or entity and may expend receipts on activities that it 
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considers
suitable to the performance of its duties under this 
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Section.  Moneys
collected by the Not-for-Profit Corporation 
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are considered private funds and must
be held in an appropriate 
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account outside of the State Treasury.  The
treasurer of the 
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Not-for-Profit Corporation is custodian of all Foundation 
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funds.
The Not-for-Profit Corporation and its officers are

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responsible for the approval of recording of receipts, approval 
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of payments,
and the proper filing of required reports.  The 
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Not-for-Profit Corporation may be assisted in
carrying out its 
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functions by personnel of the Office of the State Treasurer

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with respect to matters falling within their scope and 
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function.  The
Not-for-Profit Corporation shall cooperate fully 
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with the boards, commissions, agencies,
departments, and 
 


 






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institutions of the State.

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.