Illinois § 1B-16 Cash accounts and bank accounts

Illinois Statutes

§ 1B-16 — Cash accounts and bank accounts

Illinois § 1B-16

JurisdictionIllinois

TopicEDUCATION

Ch. 105SCHOOLS

Act 105 ILCS 5/School Code.

Art.Article 1B - School District Financial Oversight Panel And Emergency Financial Assistance

This text of Illinois § 1B-16 (Cash accounts and bank accounts) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

105 Ill. Comp. Stat. 1B-16 (2026).

Text

(a)The Panel shall require the board or any officer of the board, including the board's treasurer or any person acting as the board's official or ex officio treasurer, to establish and maintain separate cash accounts and separate bank accounts in accordance with such standards and procedures as the Panel may prescribe.

(b)The Panel shall have the power to assume exclusive administration of the cash accounts and bank accounts of the board, to establish and maintain whatever new cash accounts and bank accounts it may deem appropriate, and to withdraw funds from such accounts for the lawful expenditures of the board.

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(a) The Panel shall require the board or any officer of the board, including the board's treasurer or any person acting as the board's official or ex officio treasurer, to establish and maintain separate cash accounts and separate bank accounts in accordance with such standards and procedures as the Panel may prescribe. (b) The Panel shall have the power to assume exclusive administration of the cash accounts and bank accounts of the board, to establish and maintain whatever new cash accounts and bank accounts it may deem appropriate, and to withdraw funds from such accounts for the lawful expenditures of the board.