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Public Act 91-0804
HB3293 Enrolled LRB9109418DJcd
AN ACT to amend the Illinois Community Development
Finance Corporation Act by changing Section 2.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Community Development Finance
Corporation Act is amended by changing Section 2 as follows:
(315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
Sec. 2. There is hereby created a body politic and
corporate to be known as the Illinois Community Development
Finance Corporation or CDFC.
The Corporation shall consist of 9 directors, one of whom
shall be the Director of Commerce and Community Affairs
Treasurer of the State of Illinois or his designee who shall
serve as chairman and one of whom shall be the Director of
the Department of Commerce and Community Affairs or his
designee. The Governor shall appoint the remaining 8 7
members and these appointees must possess experience in
business, labor, management, finance, or community economic
development. Membership in a CDC will not preclude
appointment as a Director, but neither shall such membership
be a prerequisite for appointment. Each member appointed by
the Governor shall serve a term of 5 years, except that in
making his initial appointments the Governor shall appoint
one member to serve for a term of one year, one member to
serve for a term of 2 years, one member for a term of 3
years, 2 members for a term of 4 years, and one member for a
term of 5 years. The additional member appointed by the
Governor pursuant to this amendatory Act of the 91st General
Assembly shall serve for an initial term of 2 years;
thereafter, each such member shall serve for a term of 5
years as in the case of the other members.
Any person appointed to fill a vacancy in the office of a
member shall be appointed in a like manner and shall serve
for only the unexpired term. Any member shall be eligible for
reappointment. Any member may be removed from his
appointment by the Governor only for good cause. The
directors shall annually elect one of their members as
vice-chairman and designate a secretary-treasurer who need
not be a member of the board. The secretary-treasurer shall
keep a record of the proceedings of the corporation and shall
be the custodian of all books, documents, and papers filed
with the corporation, the minute books of the corporation and
of its official seal.
Five of the directors of the corporation shall constitute
a quorum and 5 affirmative votes shall be necessary for the
transaction of business or the exercise of any power or
function of the corporation. Each director shall be entitled
to reimbursement for his actual and necessary expenses
incurred in the performance of his official duties.
The corporation may contract with or otherwise deal with
any public nonprofit community development corporation or
cooperative organized to carry out the purposes of this Act
of which any director of the corporation is also a member or
officer, provided that such interest is disclosed in advance
to members of the board and recorded in the minutes of the
corporation and provided further that no director having such
a financial interest may participate in any decision
affecting such transaction.
The president of the corporation shall be appointed and
his salary established by the board of directors. The
president shall be the chief administrative and operational
officer of the corporation and shall direct and supervise
administrative affairs and the general management of the
corporation. The president may employ such other employees
as shall be designated by the board of directors, shall
attend meetings of the board of directors, shall cause copies
to be made of all minutes and other records and documents of
the corporation and shall certify that such copies are true
copies, and all persons dealing with the corporation may rely
upon such certification.
(Source: P.A. 86-593.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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