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(240 ILCS 40/30-5)
Illinois Grain Insurance Corporation.
(a) The Corporation is a political subdivision, body politic,
and public corporation. The governing powers of the Corporation
are vested in the Board of Directors composed of the Director,
who shall personally serve as president; the Attorney General or
his or her designee, who shall serve as secretary; the State Treasurer or
his or her designee, who shall serve as treasurer; the Director of the
Department of Insurance or his or her designee; and the chief fiscal officer
of the Department.
Three members of the Board
quorum at any meeting of the Board, and the affirmative vote of
3 members is necessary for any action taken by the
Board at a meeting, except that a lesser number may adjourn a
meeting from time to time. A vacancy in the membership of the
Board does not impair the right of a quorum to exercise all the rights
and perform all the duties of the Board and Corporation.
(b) The Corporation has the following powers, together
with all powers incidental or necessary to the discharge of those powers in
(1) To have perpetual succession by its corporate
name as a corporate body.
(2) To adopt, alter, and repeal bylaws, not
inconsistent with the provisions of this Code, for the regulation and conduct of its affairs and business.
(3) To adopt and make use of a corporate seal and to
alter the seal at pleasure.
(4) To avail itself of the use of information,
services, facilities, and employees of the State of Illinois in carrying out the provisions of this Code.
(5) To receive funds, printer registration fees, and
penalties assessed by the Department under this Code.
(6) To administer the Fund by investing funds of the
Corporation that the Board may determine are not presently needed for its corporate purposes.
(7) To receive funds from the Trust Account for
(8) Upon the request of the Director, to make payment
from the Fund and the Reserve Fund to the Trust Account when payment is necessary to compensate claimants in accordance with the provisions of Section 25-20 or for payment of refunds to licensees in accordance with the provisions of this Code.
(9) To authorize, receive, and disburse funds by
(10) To make any inquiry and investigation deemed
appropriate with regard to the failure of any licensee, including but not limited to analyzing the causes of and reasons for the failure; determining the adequacy and accuracy of Department examinations and other regulatory measures with regard to the failed licensee; and analyzing whether the handling of the liquidation and payment process by the Department was done in a manner that served the interests of those persons whose interests this Code was designed to protect.
(11) To have those powers that are necessary or
appropriate for the exercise of the powers specifically conferred upon the Corporation and all incidental powers that are customary in corporations.
(12) To make payments from the Fund to the Asset
Preservation Account in accordance with Section 20-20(e) of this Code.
(c) A committee of advisors shall be created to provide technical
and advice and make recommendations to the Board. The advisory committee shall
assist the board in understanding pertinent developments in grain production
and marketing and the grain industry. The advisory committee shall be composed
of one grain producer designated by the Illinois Farm Bureau; one grain
producer designated by the Illinois Farmers Union; one grain producer
designated by the Illinois Corn Growers Association; one grain producer
designated by the Illinois Soybean Association;
2 representatives of the grain industry, designated by the Grain and Feed
Illinois; and 2 representatives of the lending industry, one each designated by
Bankers Association and the Community Bankers of Illinois.
Members of the advisory committee shall serve terms of 2 years from the date of
their designation. Members of the advisory committee shall have the right to
attend all meetings of the Board and participate in Board discussions, but
shall not have a vote.
(Source: P.A. 93-225, eff. 7-21-03; 94-54, eff. 1-1-06.)