Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/27

(205 ILCS 305/27) (from Ch. 17, par. 4428)

Sec. 27. Authority of directors.

(1) The board of directors shall be charged
with and have control over the general management of the operations, funds
and records of the credit union.

(2) In discharging the duties of their respective positions, the board
of directors, committees of the board, and individual directors shall be
entitled to rely on advice, information, opinions, reports or statements,
including financial statements and financial data, prepared or presented by:
(i) one or more officers or employees of the credit union whom the director
believes to be reliable and competent in the matter presented; (ii) one or more
counsel, accountants, or other consultants as to matters that the director 
believes to be within that person's professional or expert competence; or (iii)
a committee of the board upon which the director does not serve, as to matters
within that committee's designated authority; provided that the director's 
reliance under this subsection (2)
is placed in good faith, after reasonable inquiry if the need for such inquiry
is apparent under the circumstances and without knowledge that would cause such
reliance to be unreasonable.

(Source: P.A. 97-133, eff. 1-1-12.)