Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT
Section 195.120 - Articles of Incorporation
Current through Register Vol. 48, No. 12, March 22, 2024
a) A statement of the purpose for which a Development Credit Corporation is formed, as required in the Articles of Incorporation, will include the boundaries of the region within which that corporation intends to pursue that purpose. The initial corporation to be approved will operate throughout the State of Illinois in order to maximize the availability of financing and business expertise.
b) The requirements for the Director's approval of the Articles of Incorporation that the incorporators have the confidence of their respective communities includes the requirement of appropriate business and financial experience (e.g. bank lending officer, venture capitalist, self-employed businessman).