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Illinois Development Credit Corporation Act

Illinois · Business Organizations · §§ 805-35-1 to 805-35-9 · 29 sections

Overview

This act authorizes the chartering of development credit corporations — corporations formed to extend credit and financing in support of business development — and sets out how one is created, requiring the state financial-institutions regulator to review the applicants' character and general fitness before a certificate of incorporation issues and corporate existence begins. It governs the corporation's internal affairs, including amendment of the articles by stockholder and member vote, annual and special meetings, management by a board of directors, and the admission of financial institutions as members, with membership a precondition to acquiring the corporation's capital stock; such corporations otherwise carry the general powers of business corporations under state corporation law except where this act provides otherwise. It also imposes ongoing financial and supervisory controls, including a mandatory earned-surplus reserve funded from annual net earnings until it matches outstanding capital and paid-in surplus, board designation of depositaries for corporate funds, and continuing examination by the regulator at the corporation's expense.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

  • 805 ILCS 35/1This Act shall be known and may be cited as the Illinois Development Credit Corporation Act
  • 805 ILCS 35/10Upon the issuance of the certificate of incorporation by the Director, the corporate existence of the development credit corporation begins
  • 805 ILCS 35/11Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/12The articles of incorporation may be amended by a majority vote of the stockholders and members who will vote in accordance with Section 16 of this Act at any regular meeting or at a special meeting called for that purpose
  • 805 ILCS 35/13The first annual meeting shall be held as soon as practicable after the issuance of a certificate of incorporation
  • 805 ILCS 35/14The management of the affairs of the corporation shall be administered by a board of directors
  • 805 ILCS 35/15A financial institution may request membership in a development corporation by making application to the board of directors thereof on such form and in such manner as such board of directors may require, and membership shall become effective upon acceptance of such application by said board
  • 805 ILCS 35/16Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/17Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/18All development credit corporations shall possess all applicable powers and privileges granted corporations by the "Business Corporation Act of 1983" and shall be subject to the penal and penalty provisions of that Act except as otherwise provided in this Act
  • 805 ILCS 35/19The corporation shall set apart as an earned surplus at least 50% of its net earnings each year until such earned surplus equals the total of the capital and paid-in surplus then outstanding
  • 805 ILCS 35/2Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/20The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a vote of a majority of the directors, exclusive of any director who is an officer or director of the depositary so designated
  • 805 ILCS 35/21The corporation shall be subject to the supervision and examination of the Director and the corporation shall pay the actual expenses of such examination as determined by the Director
  • 805 ILCS 35/22Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/23Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/24Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/25A financial institution which does not become a member of a corporation established by this Act shall not acquire any shares of the capital stock of such corporation
  • 805 ILCS 35/26Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/27Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/28Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/3As used in this Act, unless the context otherwise requires: "Development credit corporation" means any corporation organized pursuant to this Act for the purposes prescribed in Section 4 of this Act
  • 805 ILCS 35/4Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/5Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/6As soon as practicable after the receipt of the proposed articles of incorporation, the Director shall, from the best sources of information available, ascertain the character and general fitness of the applicants and their standing in their respective communities
  • 805 ILCS 35/6.1All moneys received by the Department of Financial Institutions under this Act shall be deposited in the Financial Institution Fund created under Section 6z-26 of the State Finance Act
  • 805 ILCS 35/7Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/8Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act
  • 805 ILCS 35/9Business Organizations › 805 ILCS 35 — Illinois Development Credit Corporation Act

Enacted in other states

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