Ill. Admin. Code tit. 38, § 195.140 – Member Obligations | Midpage
§ 195.140
Ill. Admin. Code tit. 38, § 195.140
Member Obligations
AUTHORITY: Implementing and authorized by the Illinois Development Credit Corporation Act [805 ILCS 35].DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
a) When called upon by a development credit corporation, a member shall make a reasonable loan to further the purpose of the corporation and subject to the maximum amount specified in Section 15 of the Act, but the corporation may not require a member to lend that maximum amount.
b) In accordance with Section 19 of the Act, a development credit corporation is required to maintain an earned surplus equal to the total of the outstanding capital and paid in capital. An increase in earned surplus may only be derived from net earnings and not by contribution from members or others.