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91_HB3597
LRB9111028STsb
1 AN ACT concerning community development finance
2 corporations.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Community Development Finance
6 Corporation Act is amended by changing Section 2 as follows:
7 (315 ILCS 15/2) (from Ch. 67 1/2, par. 712)
8 Sec. 2. Creation; Members; Terms; Officers; Quorum.
9 There is hereby created a body politic and corporate to be
10 known as the Illinois Community Development Finance
11 Corporation or CDFC.
12 The Corporation shall consist of 9 directors, one of whom
13 shall be the Treasurer of the State of Illinois or his
14 designee who shall serve as chairman and one of whom shall be
15 the Director of the Department of Commerce and Community
16 Affairs or his designee. The Governor shall appoint the
17 remaining 7 members and these appointees must possess
18 experience in business, labor, management, finance, or
19 community economic development. Membership in a CDC will not
20 preclude appointment as a Director, but neither shall such
21 membership be a prerequisite for appointment. Each member
22 appointed by the Governor shall serve a term of 5 years,
23 except that in making his initial appointments the Governor
24 shall appoint one member to serve for a term of one year, one
25 member to serve for a term of 2 years, one member for a term
26 of 3 years, 2 members for a term of 4 years, and one member
27 for a term of 5 years.
28 Any person appointed to fill a vacancy in the office of a
29 member shall be appointed in a like manner and shall serve
30 for only the unexpired term. Any member shall be eligible for
31 reappointment. Any member may be removed from his
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1 appointment by the Governor only for good cause. The
2 directors shall annually elect one of their members as
3 vice-chairman and designate a secretary-treasurer who need
4 not be a member of the board. The secretary-treasurer shall
5 keep a record of the proceedings of the corporation and shall
6 be the custodian of all books, documents, and papers filed
7 with the corporation, the minute books of the corporation and
8 of its official seal.
9 Five of the directors of the corporation shall constitute
10 a quorum and 5 affirmative votes shall be necessary for the
11 transaction of business or the exercise of any power or
12 function of the corporation. Each director shall be entitled
13 to reimbursement for his actual and necessary expenses
14 incurred in the performance of his official duties.
15 The corporation may contract with or otherwise deal with
16 any public nonprofit community development corporation or
17 cooperative organized to carry out the purposes of this Act
18 of which any director of the corporation is also a member or
19 officer, provided that such interest is disclosed in advance
20 to members of the board and recorded in the minutes of the
21 corporation and provided further that no director having such
22 a financial interest may participate in any decision
23 affecting such transaction.
24 The president of the corporation shall be appointed and
25 his salary established by the board of directors. The
26 president shall be the chief administrative and operational
27 officer of the corporation and shall direct and supervise
28 administrative affairs and the general management of the
29 corporation. The president may employ such other employees
30 as shall be designated by the board of directors, shall
31 attend meetings of the board of directors, shall cause copies
32 to be made of all minutes and other records and documents of
33 the corporation and shall certify that such copies are true
34 copies, and all persons dealing with the corporation may rely
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1 upon such certification.
2 (Source: P.A. 86-593.)