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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(240 ILCS 40/1-5)
Sec. 1-5.
Purpose.
It is
the primary purpose of this Code to promote the State's welfare by
improving the economic stability of agriculture through the
existence of the Illinois Grain Insurance Fund in order to protect
producers in the event of the failure of a licensed grain dealer or
licensed warehouseman and to ensure the existence of an adequate
resource so that persons holding valid claims may be compensated
for losses occasioned by the failure of a licensed grain dealer or
licensed warehouseman.
To that end, this Code shall be liberally construed and liberally
administered in favor of claimants.
In addition, the Illinois grain industry comprises a significant and vital
part of the State's economy and as such can function to its fullest competitive
and profitable potential, thus contributing to the economic health of this
State, when it operates under a coordinated and integrated regulatory
structure. Thus, a further purpose of this Code is to provide a single system
of governmental regulation of the Illinois grain industry.
(Source: P.A. 93-225, eff. 7-21-03.)
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