215 ILCS 5/179E-60

(215 ILCS 5/179E-60)

Sec. 179E-60.

Officers and directors.

(a) The directors of an SPRV shall elect such officers they deem necessary
to
carry
out the purposes of the SPRV pursuant to this Article.  The provisions of
Section 10 of this
Code relating to the indemnification of officers and directors apply to and
govern SPRVs
organized under this Article.

(b) An SPRV authorized to do business in this State must notify the Director
of
the
appointment or election of any new officers or directors within 30 days after
the
appointment or election.

(c) If, after notice and hearing afforded to the officer or director, and
after
a finding
that the officer or director is incompetent or untrustworthy or of known bad
character, the
Director shall order the removal of the person. If the SPRV does not comply
with a removal
order within 30 days, the Director may suspend that SPRV's limited certificate
of authority
until such time as the order is complied with.

(d) An SPRV may not make loans to any SPRV organizer, owner, director,
officer, manager, or affiliate.

(Source: P.A. 92-124, eff. 7-20-01.)