(315 ILCS 20/38)
(from Ch. 67 1/2, par. 288)
Supervision of issuance of stock and mortgages.
The power of Neighborhood Redevelopment Corporations to issue shares of
stock and Mortgages is a special privilege and shall be exercised only
under the supervision and regulation of the Redevelopment Commission,
acting for the State, according to the provisions of this Act and under
such administrative rules and regulations as may be adopted by the
Redevelopment Commission in discharging the functions given it by this Act.
(Source: Laws 1941, vol. 1, p. 431.)