(215 ILCS 5/195) (from Ch. 73, par. 807)
Sec. 195.
Borrowing
on the pledge of assets.
For the purpose of facilitating the rehabilitation, liquidation,
conservation or dissolution provided for by this article, the Director may,
subject to the approval of the court, borrow money and execute, acknowledge
and deliver certificates of indebtedness upon such terms and entitled to
such liens and priorities as may be fixed by the court, or notes or other
evidence of indebtedness therefor and secure the repayment of the same by
the mortgage, pledge, assignment, transfer in trust or hypothecation or any
or all of the property whether real, personal or mixed of the company
against which a proceeding has been brought under this article. Subject to
the approval of the court, he shall also have power to take any and all
other action necessary and proper to consummate any such loans and to
provide for the repayment thereof. The Director shall incur no personal
liability by virtue of any loan made pursuant to this section.
(Source: Laws 1937, p. 696.)
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