(805 ILCS 35/20) (from Ch. 32, par. 1020)
Sec. 20.
The corporation shall not deposit any of its funds in any banking
institution unless such institution has been designated as a depositary by
a vote of a majority of the directors, exclusive of any director who is an
officer or director of the depositary so designated. The corporation shall
not receive money on deposit. No loans shall be made directly or indirectly
to any officer or director of the corporation or to any firm or corporation
in which such officer or director or any member of the immediate family of
any such officer or director owns in excess of a 10% interest, or otherwise
controls, directly or indirectly. Any officer or director knowingly
approving any loan in violation of this section shall be personally liable
for the amount thereof and such approval shall be presumed unless the
dissent of such officer or director is noted upon the records of the
corporation.
(Source: Laws 1965, p. 577.)
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