(805 ILCS 35/15) (from Ch. 32, par. 1015)
Sec. 15.
A financial institution may request membership in a development
corporation by making application to the board of directors thereof on such
form and in such manner as such board of directors may require, and
membership shall become effective upon acceptance of such application by
said board. No financial institution shall become a member of more than one
development credit corporation.
Each member of any development corporation shall make loans to such
development corporation as and when called upon by that corporation to do
so, subject to the following:
1. All loan limits shall be established at the thousand dollar amount
nearest the amount computed in accordance with the provisions of this
section.
2. The total amount outstanding at any one time on loans to a
development corporation made by a member thereof when added to the amount
of the investment in the capital stock of such corporation and held by such
member, shall not exceed the lesser of:
a. 20 per cent of the total amount then outstanding on loans to such
development corporation by all members thereof, including in said total
amount outstanding amounts validly called for loan but not yet loaned.
b. The limit, to be determined as of the time such member becomes a
member, on the basis of the audited balance sheet of such member at the
close of its fiscal year immediately preceding its application for
membership and adjusted at the end of each subsequent fifth year, as follows:
(1) National and State banks and trust companies--2 per cent of the
paid-in capital, surplus and undivided profits.
(2) Savings and loan associations--2 per cent of the general reserve
account, surplus, permanent reserve shares and undivided profits.
(3) Stock insurance companies except fire insurance companies--1 per
cent of capital and unassigned surplus.
(4) Mutual insurance companies except fire insurance companies--1 per
cent of the unassigned surplus.
(5) Fire insurance companies--1 per cent of the assets.
(6) Similar corporations, partnerships, foundations or other
institutions licensed to do business in this State and engaged primarily in
lending or investing funds--such limits as may be approved by the board of
directors of the development credit corporation.
3. The adjusted loan limit of a member shall be the amount of such member's
loan limit, reduced by the balance of outstanding obligations of the
corporation to such member at the time of such call.
4. Upon written notice given at least 6 months in advance, a member of
the corporation may withdraw from membership in the corporation at the
expiration date of such notice. A member shall not be obligated to make any
loans to the development corporation pursuant to calls made subsequent to
the withdrawal of said member.
5. All loans to the corporation by members shall be evidenced by bonds,
debentures, notes or other evidences of indebtedness of the corporation
which may be issued in negotiable or registered form.
(Source: P.A. 82-933.)
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