§ 41

Illinois § 41

• Jurisdiction: Illinois
• Topic: HUMAN NEEDS
• Ch. 315: URBAN PROBLEMS
• Act 315 ILCS 20/: Neighborhood Redevelopment Corporation Law.

Text

Who may invest in mortgages of neighborhood redevelopment corporations. The State and all counties, cities, villages, incorporated towns and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking funds, money or other funds belonging to them, or within their control in any Mortgage of a Neighborhood Redevelopment Corporation approved in its issuance as in Section 39 of this Act provided, it being the purpose of this section to authorize the investment in such Mortgages of all sinking, insurance, retirement, compensation, pension and trust funds, whether owned or controlled by private or public persons or officers; Provided, that nothing contained in this section shall be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in the selection of securities.

Legislative History

(Source: Laws 1953, p. 1138.)