(310 ILCS 5/3) (from Ch. 67 1/2, par. 153)
Sec. 3.
Housing corporations may be organized in the manner provided by
this Act to acquire, construct, alter, maintain, and operate lands and
buildings when authorized by and subject to the supervision of the Illinois
Housing Development Authority, for the purpose of providing housing
accommodations for persons and families of low income or moderate income as
those terms are defined in Section 2 (g) of the Illinois Housing
Development Act or for the reconstruction of slum areas subject to the
approval of the Illinois Housing Development Authority, a reasonable part
of any property owned by a housing corporation may be used for stores,
offices and community facilities appurtenant and incidental to housing
accommodations.
Every housing corporation shall remain at all times subject to the
supervision and control of the Illinois Housing Development Authority; and
all real estate acquired by it and all structures erected or altered by it
shall be deemed to be acquired for the purpose of promoting the public
health, safety and welfare, and subject to all the provisions of this act.
Housing corporations may be formed under this act on a not-for-profit or a
limited-dividend basis. Every stockholder of a housing corporation formed
on a limited dividend basis shall be deemed, by the subscription to or
receipt of stock thereof, to have agreed that he shall at no time receive
or accept from the corporation in repayment of his investment in its stock
any sums in excess of the face value thereof, plus cumulative dividends at
a rate not to exceed six per cent per annum. Upon the dissolution of such
corporation, any surplus in excess of such amounts shall revert to the
State of Illinois.
(Source: P.A. 76-1176.)
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