Illinois General Assembly - Full Text of Public Act 095-0920
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Public Act 095-0920




Public Act 095-0920
SB2098 Enrolled LRB095 17715 BDD 43790 b

    AN ACT concerning State government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The State Treasurer Act is amended by adding
Section 17.5 as follows:
    (15 ILCS 505/17.5 new)
    Sec. 17.5. The State Treasurer Financial Education and
Savings Not-for-Profit Corporation.
    (a) The Treasurer is authorized in accordance with Section
10 of the State Agency Entity Creation Act to create the State
Treasurer Financial Education and Savings Not-for-Profit
Corporation. To create the Not-for-Profit Corporation, the
Treasurer shall file articles of incorporation and bylaws as
required under the General Not For Profit Corporation Act of
1986 and take any other necessary steps as may be required
under State and federal law. There may be not less than 4 nor
more than 11 Directors to the Not-for-Profit Corporation. No
Director may receive compensation for his or her services to
the Not-for-Profit Corporation.
    (b) The purposes of the Not-for-Profit Corporation are to
promote financial literacy and savings among the residents of
the State of Illinois, to issue grants and scholarships for
educational purposes, and to engage generally in other lawful
endeavors consistent with the foregoing purposes. The
Not-for-Profit Corporation may not exceed the provisions of the
General Not For Profit Corporation Act of 1986.
    (c) As soon as practical after the Not-for-Profit
Corporation is created, the Directors shall meet, organize, and
designate, by majority vote, a President, Secretary, and any
additional officers as may be needed to carry out the
activities of the Not-for-Profit Corporation. The Treasurer
may adopt rules and regulations as deemed necessary to govern
Not-for-Profit Corporation procedures.
    (d) The Not-for-Profit Corporation may accept gifts,
grants, donations, or other contributions from any private
person or entity and may expend receipts on activities that it
considers suitable to the performance of its duties under this
Section. Moneys collected by the Not-for-Profit Corporation
are considered private funds and must be held in an appropriate
account outside of the State treasury. The treasurer of the
Not-for-Profit Corporation is custodian of all corporate
funds. The Not-for-Profit Corporation and its officers are
responsible for the approval of recording of receipts, approval
of payments, and the proper filing of required reports. The
Not-for-Profit Corporation may be assisted in carrying out its
functions by personnel of the Office of the State Treasurer
with respect to matters falling within their scope and
function. The Not-for-Profit Corporation shall cooperate fully
with the boards, commissions, agencies, departments, and
institutions of the State.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/26/2008