Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 195 - ILLINOIS DEVELOPMENT CREDIT CORPORATION ACT
Section 195.140 - Member Obligations
Universal Citation: 38 IL Admin Code ยง 195.140
Current through Register Vol. 48, No. 12, March 22, 2024
a) When called upon by a development credit corporation, a member shall make a reasonable loan to further the purpose of the corporation and subject to the maximum amount specified in Section 15 of the Act, but the corporation may not require a member to lend that maximum amount.
b) In accordance with Section 19 of the Act, a development credit corporation is required to maintain an earned surplus equal to the total of the outstanding capital and paid in capital. An increase in earned surplus may only be derived from net earnings and not by contribution from members or others.
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