Public Act 095-0920
 		





SB2098 Enrolled
LRB095 17715 BDD 43790 b






    AN ACT concerning State government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:



 
    Section 5. The State Treasurer Act is amended  by adding 
Section 17.5 as follows:
 
    (15 ILCS 505/17.5  new)
    Sec. 17.5. The State Treasurer Financial Education and 
Savings Not-for-Profit Corporation.
    (a) The Treasurer is authorized in accordance with Section 
10
of the State Agency Entity Creation Act to create the   State 
Treasurer Financial Education and Savings Not-for-Profit 
Corporation.  To create the Not-for-Profit Corporation, the

Treasurer shall file articles of incorporation and bylaws as 
required under the
General Not For Profit Corporation Act of 
1986 and take any other necessary steps as may be required 
under State and federal law.  There
may be not less than 4 nor 
more than 11 Directors to the Not-for-Profit Corporation.    No 
Director
may receive compensation for his or her services to 
the Not-for-Profit Corporation.
    (b) The purposes of the Not-for-Profit Corporation are to 
promote financial literacy and savings among the
residents of 
the State of Illinois, to issue grants and scholarships for 
educational purposes, and to engage generally in other lawful 
endeavors
consistent with the foregoing purposes.  The 
Not-for-Profit Corporation may not exceed the
provisions of the 
General Not For Profit Corporation Act of 1986.
    (c) As soon as practical after the Not-for-Profit 
Corporation is created, the Directors
shall meet, organize, and 
designate, by majority vote, a President, Secretary,
and any 
additional officers as may be needed to carry out the 
activities of the
Not-for-Profit Corporation.  The Treasurer 
may adopt rules and regulations as deemed
necessary to govern 
Not-for-Profit Corporation procedures.
    (d) The Not-for-Profit Corporation may accept gifts, 
grants, donations, or other contributions from any private 
person or entity and may expend receipts on activities that it 
considers
suitable to the performance of its duties under this 
Section.  Moneys
collected by the Not-for-Profit Corporation 
are considered private funds and must
be held in an appropriate 
account outside of the State treasury.  The
treasurer of the 
Not-for-Profit Corporation is custodian of all corporate 
funds.
The Not-for-Profit Corporation and its officers are

responsible for the approval of recording of receipts, approval 
of payments,
and the proper filing of required reports.  The 
Not-for-Profit Corporation may be assisted in
carrying out its 
functions by personnel of the Office of the State Treasurer

with respect to matters falling within their scope and 
function.  The
Not-for-Profit Corporation shall cooperate fully 
with the boards, commissions, agencies,
departments, and 
institutions of the State.

 
    Section 99. Effective date. This Act takes effect upon 
becoming law.