(805 ILCS 35/26) (from Ch. 32, par. 1026)
Sec. 26.
Each financial institution which becomes a member of a corporation
organized under this Act is authorized to acquire, purchase, hold, sell,
assign, transfer, mortgage, pledge, or otherwise dispose of any bonds,
securities or other evidences of indebtedness issued by such corporation or
the shares of its capital stock and while owners of the stock to exercise
all the rights, powers and privileges of ownership, including the right to
vote thereon, all without the approval of any regulatory authority of this
State.
The amount of capital stock of such corporation which any member is
authorized to acquire pursuant to the authority granted herein shall be in
addition to the amount of capital stock in corporations which such member
may otherwise be authorized to acquire, provided, however, that no
financial institution shall become a shareholder of more than one
development credit corporation.
(Source: P.A. 82-933.)
|