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.
315 ILCS 20/38
Supervision of issuance of stock and mortgages
Known as the Neighborhood Redevelopment Corporation Law
The act spans §§ 315-20-1 to 315-20-9-5 (57 sections).
Laws 1941, vol. 1, p. 431.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.