Notwithstanding the provisions of any other law to the contrary, a member of the corporate authorities, or an officer or employee of the Authority, may be an officer, employee, or stockholder of a lending institution or lender participating in a residential housing finance plan of the corporate authorities, provided the member (if a member of the corporate authorities) declares such position or interest at a regular meeting of the corporate authorities prior to passage of an ordinance establishing the plan and abstains from voting on the ordinance.
50 ILCS 465/55
Interests of corporate officers or employees; participating lending institutions
Known as the Local Government Housing Finance Act
The act spans §§ 50-465-1 to 50-465-99 (15 sections).
P.A. 92-142, eff. 7-24-01.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.