Ill. Admin. Code tit. 38, § 195.120 - Articles of Incorporation
a)
A statement of the purpose for which a Development Credit Corporation is
formed, as required in the Articles of Incorporation, will include the
boundaries of the region within which that corporation intends to pursue that
purpose. The initial corporation to be approved will operate throughout the
State of Illinois in order to maximize the availability of financing and
business expertise.
1) Subsequent
corporations may be approved to operate within a specific region of the State
of Illinois providing the Director of Financial Institutions is satisfied of
the need and the availability of adequate financing and business expertise in
accordance with the purposes set forth in Section 4 of the Act.
2) The statement of purpose will further
include the intention to pursue that purpose throughout the entire region
defined and without prejudice or discrimination.
b) The requirements for the Director's
approval of the Articles of Incorporation that the incorporators have the
confidence of their respective communities includes the requirement of
appropriate business and financial experience (e.g. bank lending officer,
venture capitalist, self-employed businessman).
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.