205 ILCS 305/ – Illinois Credit Union Act | Midpage

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Illinois Compiled Statutes

305

205 ILCS 305/

Illinois Credit Union Act

1.1Definitions 1205 Ilcs 305/1 10.1Retention of records 10.2Electronic records 10Credit union records; member financial records 11Board of credit union advisors 12Regulatory fees 13General powers 13aNon-English language transactions 14Incidental powers 15Membership defined 16.1Service to the economically disadvantaged 16.5Service to target markets 16Societies and associations 17Members who leave field 18Liability of members 19Meeting of members 2Organization procedure 20.5Appointment of associate directors 20Election or appointment of officials 21Record of board and committee members 22Vacancies 23Compensation of officials 24Conflicts of interest 25Indemnification 26Executive officers 27Authority of directors 28Executive committee 29Meetings of directors 3Form of articles and bylaws 30Duties of directors 31Supervision of loans 32Meetings of credit committee 33Credit manager 34.1Compliance review 34Duties of supervisory committee 35Suspension and removal of officials 36Calling of special meetings 37Shares and classes of shares 38Dividends 39Special purpose share accounts; charitable donation accounts 4Amendments to articles of incorporation and bylaws 40Shares to minors 41Joint accounts 42.5Marketing of services 42.7Savings promotion raffle 42Shares in trust 43.1Enforcement of child support 43Liens 44.1Unclaimed property; dormancy or escheat fee 44Share accounts; garnishment 45Reduction in shares 46.1205 Ilcs 305/46.1 46.2205 Ilcs 305/46.2 46Loans and interest rate 47Loan applications 48Loan limit 49Security 5Place of business 50Line of credit 51Other loan programs 52Loans to directors, officers, credit committee, and supervisory committee members 53Loans to credit unions 54Loans to associations 55Insurance for members 56Liability insurance for directors and officers 57.1Services to other credit unions 57Group purchasing and marketing 58Share insurance 59Investment of funds 6Fiscal Year 60Reserves 61Suspension 62Liquidation 63Merger and consolidation 64.5Continuation of corporate entity 64.7Network credit unions 64Conversion of charter 65Conformity with Federal Credit Union Act 66Illegal loans 67Use of public property 68Interest, fines, not usurious-shares and loans not to be taxed 69.1Review under Administrative Review Law 69Effect of invalidity of part of this Act 7Reciprocity; out-of-state credit unions 70Use of name, sentence 71False statements 72Repeal 8Secretary's powers and duties 9.1Disclosures of reports of examinations and confidential supervisory information; limitations 9Reports and examinations