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50 ILCS 105/3.1
(50 ILCS 105/3.1) (from Ch. 102, par. 3.1)
Sec. 3.1.
Before any contract relating to the ownership or use of real
property is entered into by and between the State or any local governmental
unit or any agency of either the
identity of every owner and beneficiary having any interest, real or
personal, in such property, and every member, shareholder, limited
partner,
or general partner entitled to receive
more than 7 1/2% of the total distributable income of any limited liability
company, corporation, or limited partnership having
any interest, real or personal, in such property must be disclosed. The
disclosure shall be in writing and shall
be subscribed by a member, owner, authorized trustee, corporate
official,
general partner,
or managing agent, or his or her authorized attorney, under oath.
However, if the interest, stock, or shares in a limited liability
company, corporation,
or general partnership is publicly traded and there is no readily known
individual having greater
than a 7 1/2% interest, then a statement to that
effect, subscribed to under oath by a member, officer of the
corporation,
general partner, or
managing agent, or his or her authorized attorney, shall fulfill the
disclosure statement
requirement of this
Section.
As a condition of
contracts entered
into on or after the effective date of this amendatory Act of 1995,
the beneficiaries of a lease shall furnish
the trustee of a trust subject to disclosure under this Section with a binding
non-revocable letter of direction authorizing the trustee to provide the State
with an up-to-date disclosure whenever requested by the State. The letter of
direction shall be binding on beneficiaries' heirs, successors, and assigns
during the term of the contract.
This Section shall be liberally construed to accomplish the purpose of
requiring the identification of the actual parties benefiting from any
transaction with a governmental unit or agency involving the procurement of the
ownership or use of real property thereby.
For any entity that is wholly or partially owned by another entity, the
names of the owners of the wholly or partially owning entity shall be disclosed
under this Section, as well as the names of the owners of the wholly or
partially owned entity.
(Source: P.A. 91-361, eff. 7-29-99.)
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