|
(805 ILCS 35/1) (from
Ch. 32, par. 1001) Sec. 1. This Act shall be known and may be
cited as the Illinois Development Credit Corporation Act.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/2) (from
Ch. 32, par. 1002) Sec. 2. The purpose of this Act is to assist
and encourage the development and advancement of
the business prosperity and economic welfare of the
State, to assist and encourage the expansion of existing
industries and the location of new industries in
this State, and to provide for maximum opportunities
for employment, and to these ends to establish a
source of credit not otherwise available through
conventional commercial channels for the promotion,
development and conduct of new and expanded business
activities in this State.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/3) (from
Ch. 32, par. 1003) Sec. 3. As used in this Act, unless the context
otherwise requires: "Development credit corporation" means
any corporation organized pursuant to this Act for
the purposes prescribed in Section 4 of this Act.
"Financial institution" means any
bank, trust company, savings and loan association,
insurance company, or related corporation, partnership,
foundation or other institution, authorized to do
business in the State of Illinois and engaged primarily
or largely in lending or investing funds.
"Member" means any financial institution
which undertakes to lend money to a development credit
corporation upon its call and in accordance with
Section 15 of this Act.
"Board of Directors" means the board
of directors of a development credit corporation.
"Loan Limit" means, for any member,
the maximum amount permitted to be outstanding at
any one time on loans made by such member to a development
credit corporation, as determined by the provisions
of this Act and shall include the aggregate unpaid
principal amount of all obligations or evidences
of indebtedness, or participations therein, of any
development credit corporation, owned by such member.
"Director" means the Director of
Financial Institutions.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/4) (from
Ch. 32, par. 1004) Sec. 4. The purposes of a development credit
corporation shall be limited to those provided in
this Section and shall be to promote, stimulate,
develop and advance the business prosperity and economic
welfare of the State of Illinois and its citizens;
to encourage and assist, when usual, customary credit
is not available, through loans, investments, or
other business transactions, the location of new
business and industry in the State; to rehabilitate
and assist existing business and industry in this
State; to stimulate and assist in the expansion of
any kind of business activity which would tend to
promote business development and maintain the economic
stability of this State, provide maximum opportunities
for employment and improve the standard of living
of the citizens of this State; to cooperate and act
in conjunction with other organizations, public or
private, in the promotion and advancement of industrial,
commercial, agricultural, and recreational development
in this State; and to provide financing for the promotion,
development, and conduct of all kinds of business
activity in this State.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/5) (from
Ch. 32, par. 1005) Sec. 5. Any 3 or more qualified natural persons,
all of whom shall be bona fide residents of this
State, who desire to associate themselves for the
purpose of establishing and operating a development
credit corporation may subscribe, acknowledge and
file with the Director for approval articles of incorporation
as set out in Section 11.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/6) (from
Ch. 32, par. 1006) Sec. 6. As soon as practicable after the
receipt of the proposed articles of incorporation,
the Director shall, from the best sources of information
available, ascertain the character and general fitness
of the applicants and their standing in their respective
communities. The Director shall issue his certificate
approving the articles of incorporation and authorizing
the applicants to proceed with the organization of
the development credit corporation if he is satisfied:
(1) That all the applicants are bona
fide residents of the State;
(2) That they have the confidence
of their respective communities;
(3) That the proposed articles of
incorporation conform to the provisions of Section
11 of this Act.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/6.1) Sec. 6.1. All moneys received by the Department
of Financial Institutions under this Act shall be
deposited in the Financial Institutions Fund created
under Section 6z-26 of the State Finance Act.
(Source: P.A. 88-13.) |
(805 ILCS 35/7) (from
Ch. 32, par. 1007) Sec. 7. Upon receipt of the certificate of
preliminary approval the applicants may proceed to
complete the organization of the development credit
corporation, to obtain subscriptions for and payment
of its capital stock, and do all other things necessarily
incidental and preliminary to its transacting business.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/8) (from
Ch. 32, par. 1008) Sec. 8. When the applicants have completed
the organization of the proposed development credit
corporation, they shall file with the Director a
certificate of organization executed by its president
and attested by its secretary and with its seal affixed
thereto, certifying:
(1) the name and addresses of all
of its subscribers |
|
of stock, the number of shares subscribed and
the number of shares fully paid for by each;
|
|
|
(2) the total number of shares subscribed,
but not
|
|
|
|
(3) the total number of shares paid
in full;
(4) the name and address of any depositary
holding
|
|
on deposit any funds of the development credit
corporation;
|
|
|
(5) the names and addresses of the
officers and
|
|
members of the executive committee, if any, of
the development credit corporation.
|
|
|
The certificate of organization of
the applicant shall be accompanied by:
(1) the certificate of any named
depositary
|
|
certifying the amount of funds on deposit to the
credit of the development credit corporation;
|
|
|
(2) any bylaws or resolutions which
have been
|
|
|
|
(Source: P.A. 91-357, eff. 7-29-99.)
|
(805 ILCS 35/9) (from
Ch. 32, par. 1009) Sec. 9. As soon as practicable after the
filing of the certificate of organization by the
applicants, the Director shall issue to the applicants
a certificate of incorporation in such form as he
may prescribe, if the Director, from the best information
available, determines that:
(1) The holders of the fully paid
stock of the corporation are at least 10 in number;
(2) Not less than $50,000 has been
received in cash for the fully paid stock of the
corporation;
(3) The bylaws and regulations submitted,
if any, are in conformity with the articles of incorporation
and the provisions of this Act and not in conflict
with any law of this State.
The Director shall return to the
applicants one of the articles of incorporation submitted
to him and shall indorse thereon the issuance by
him of the certificate of incorporation.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/10) (from
Ch. 32, par. 1010) Sec. 10. Upon the issuance of the certificate
of incorporation by the Director, the corporate existence
of the development credit corporation begins. The
certificate of incorporation is conclusive except
as against the State, that all conditions precedent
have been complied with and that the corporation
has been incorporated under this Act.
A copy of the articles of incorporation,
indorsed by the Director, shall be filed for recordation
in the office of the recorder in the county in which
the principal office of the development credit corporation
is located.
(Source: P.A. 83-358.) |
(805 ILCS 35/11) (from
Ch. 32, par. 1011) Sec. 11. The articles of incorporation for
a development credit corporation organized under
the provisions of this Act shall state:
(1) The name of the corporation,
which name shall include the words "Illinois Development
Credit Corporation" but shall have in addition a
numerical or other designation so as to distinguish
it from any development credit corporation which
may be organized subsequently and the name shall
be such as to distinguish it from any other corporation
organized under the laws of this State;
(2) The purpose for which the corporation
is formed;
(3) The period of duration of the
corporation, which may be perpetual or limited;
(4) The address of its principal
office and the name of its agent on whom process
may be served;
(5) The total number of shares of
stock which the corporation is authorized to issue,
the number of shares of each class, the par value
of such shares, or a statement that the shares are
of no par value;
(6) The number of directors, not
less than 18, to be elected at the annual meeting;
(7) The names and addresses of the
incorporators, not less than 3, who will manage the
affairs of the corporation until the first meeting
of stockholders and members;
(8) Any provisions, not inconsistent
with law, which the incorporators may choose to insert
for the regulation of the business and the conduct
of the affairs of the corporation.
It is not necessary to set out in
the articles of incorporation any of the corporate
powers enumerated in this Act.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/12) (from
Ch. 32, par. 1012) Sec. 12. The articles of incorporation may
be amended by a majority vote of the stockholders
and members who will vote in accordance with Section
16 of this Act at any regular meeting or at a special
meeting called for that purpose.
Articles of amendment signed by the
president or vice president and attested by the secretary
certifying to the amendment and its lawful adoption
shall be executed, acknowledged and filed with the
Director and, when approved by the Director, recorded
with a certificate of the Director approving the
articles of amendment, in the same manner as the
original articles of incorporation. As soon as the
Director issues his certificate of amendment the
amendment is in effect.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/13) (from
Ch. 32, par. 1013) Sec. 13. The first annual meeting shall be
held as soon as practicable after the issuance of
a certificate of incorporation. The first and subsequent
annual meetings of stockholders and members shall
be called as provided in the bylaws of the corporation.
At the first annual meeting, and
at annual meetings thereafter the directors shall
be elected by vote of the stockholders. At all meetings,
annual or special, for whatever purpose held, stockholders
shall have one vote for each share of stock owned.
When voting in elections for directors every stockholder
shall have the right to vote, in person or by proxy,
for the number of shares of stock owned by him, for
as many persons as there are directors to be elected,
or to cumulate such shares, and give one candidate
as many votes as the number of directors multiplied
by the number of his shares of stock shall equal,
or to distribute them on the same principle among
as many candidates as he shall think fit.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/14) (from
Ch. 32, par. 1014) Sec. 14. The management of the affairs of
the corporation shall be administered by a board
of directors. Until the first meeting of stockholders,
the incorporators shall have the powers and perform
the duties ordinarily possessed and exercised by
a board of directors. Thereafter, the board of directors
shall be composed of not less than 18 persons who
shall be residents of this State. Each member shall
be entitled to nominate at least one candidate at
any election of directors for consideration by the
shareholders together with candidates for director
nominated by any shareholder.
The directors shall hold office until
their successors are elected and qualified.
No director shall receive any salary
until the earned surplus of the corporation equals
the total of the capital and paid-in surplus
as provided in Section 19.
The Executive Director of the Board
of Economic Development, or the Director or other
chief executive officer of any department or agency
which may succeed such Board, shall be given notice
of all meetings of the board of directors and may
attend any such meeting for the purpose of presenting
suggested prospects desiring financial help whose
industrial expansion and development are consistent
with the desired economic development of the State.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/15) (from
Ch. 32, par. 1015) Sec. 15. A financial institution may request
membership in a development corporation by making
application to the board of directors thereof on
such form and in such manner as such board of directors
may require, and membership shall become effective
upon acceptance of such application by said board.
No financial institution shall become a member of
more than one development credit corporation.
Each member of any development corporation
shall make loans to such development corporation
as and when called upon by that corporation to do
so, subject to the following:
1. All loan limits shall be established
at the thousand dollar amount nearest the amount
computed in accordance with the provisions of this
section.
2. The total amount outstanding at
any one time on loans to a development corporation
made by a member thereof when added to the amount
of the investment in the capital stock of such corporation
and held by such member, shall not exceed the lesser
of:
a. 20 per cent of the total amount
then outstanding on loans to such development corporation
by all members thereof, including in said total amount
outstanding amounts validly called for loan but not
yet loaned.
b. The limit, to be determined as
of the time such member becomes a member, on the
basis of the audited balance sheet of such member
at the close of its fiscal year immediately preceding
its application for membership and adjusted at the
end of each subsequent fifth year, as follows:
(1) National and State banks and
trust companies--2 per cent of the paid-in
capital, surplus and undivided profits.
(2) Savings and loan associations--2
per cent of the general reserve account, surplus,
permanent reserve shares and undivided profits.
(3) Stock insurance companies except
fire insurance companies--1 per cent
of capital and unassigned surplus.
(4) Mutual insurance companies except
fire insurance companies--1 per cent
of the unassigned surplus.
(5) Fire insurance companies--1
per cent of the assets.
(6) Similar corporations, partnerships,
foundations or other institutions licensed to do
business in this State and engaged primarily in lending
or investing funds--such limits as may
be approved by the board of directors of the development
credit corporation.
3. The adjusted loan limit of a member
shall be the amount of such member's loan limit,
reduced by the balance of outstanding obligations
of the corporation to such member at the time of
such call.
4. Upon written notice given at least
6 months in advance, a member of the corporation
may withdraw from membership in the corporation at
the expiration date of such notice. A member shall
not be obligated to make any loans to the development
corporation pursuant to calls made subsequent to
the withdrawal of said member.
5. All loans to the corporation by
members shall be evidenced by bonds, debentures,
notes or other evidences of indebtedness of the corporation
which may be issued in negotiable or registered form.
(Source: P.A. 82-933.) |
(805 ILCS 35/16) (from
Ch. 32, par. 1016) Sec. 16. At annual or special meetings of
stockholders and members with respect to matters
submitted for a vote to such stockholders and members
(with the exception of the election of directors
which is governed by Sections 13 and 14 of this Act)
each stockholder shall have one vote, in person or
by proxy, for each share of capital stock held by
him, and each member shall have one vote, in person
or by proxy, except that any member having loaned
more than one hundred dollars to the corporation
shall have one additional vote, in person or by proxy,
for each additional one hundred dollars which such
member has outstanding on loans to the corporation
at the time of the vote.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/17) (from
Ch. 32, par. 1017) Sec. 17. Each corporation organized under
this Act shall have power: (1) To sue and be sued, complain
and defend, in its corporate name;
(2) To have perpetual succession,
unless a limited period of duration is stated in
its articles of incorporation;
(3) To adopt a corporate seal and
to use it, or a facsimile thereof, as required or
permitted by law;
(4) To borrow money and otherwise
incur indebtedness for any of the purposes of the
corporation; to issue its bonds, debentures, notes
or other evidences of indebtedness, whether secured
or unsecured, therefor; and to secure the same by
mortgage, pledge, deed of trust or other lien on
its property, franchises, rights and privileges of
every kind and nature or any part thereof;
(5) To lend money to, and to guarantee,
indorse, or act as surety on the bonds, notes, contracts
or other obligations of, or otherwise assist financially
any person, firm, corporation, association, partnership
or joint venture, other than a financial institution,
and to establish and regulate the terms and conditions
with respect to any such loans or financial assistance
and the charges for interest and service connected
therewith; but no such corporation shall make any
loan unless the borrower submits satisfactory evidence
that his or its application for a loan has been rejected
by at least one conventional lending institution;
(6) To purchase, receive, hold, lease
or otherwise acquire, and to sell, convey, mortgage,
lease, pledge, or otherwise dispose of, upon such
terms and conditions as the board of directors may
deem advisable, real and personal property, together
with such rights and privileges as may be incidental
and appurtenant thereto and the use thereof, including,
but not restricted to, any real or personal property
acquired by the corporation from time to time in
the satisfaction of debts or enforcement of obligations;
(7) To acquire the good will, business,
rights, real and personal property and other assets,
or any part thereof, of such persons, firms, corporations,
joint stock companies, associations, partnerships,
joint ventures or trusts as may be in furtherance
of the corporate purposes provided herein, and to
assume, undertake, guarantee or pay the obligations,
debts and liabilities of any such person, firm, corporation,
joint stock company, association or trust, other
than a financial institution;
(8) To acquire improved or unimproved
real estate for the purpose of constructing industrial
plants or other business establishments thereon or
for the purpose of disposing of such real estate
to others for the construction of industrial plants
or other business establishments, and, in furtherance
of the corporate purpose provided herein, to acquire,
construct or reconstruct, alter, repair, maintain,
operate, sell, lease or otherwise dispose of industrial
plants or business establishments;
(9) To acquire, subscribe for, own,
hold, sell, assign, transfer, mortgage, pledge or
otherwise dispose of the stock, shares, bonds, debentures,
notes or other securities and evidences of interest
in, or indebtedness of, any person, partnership,
firm, corporation, joint stock company, association,
trust or other joint ventures, and, while the owner
or holder thereof, to exercise all the rights, powers
and privileges of ownership, including the right
to vote thereon;
(10) To invest idle funds, temporarily,
in United States Government securities. However,
no calls for loans from its members shall be made
without applying such idle funds, although so invested,
to the purpose for which such call is made;
(11) To cooperate with and avail
itself of the facilities of governmental agencies;
and to cooperate with and assist, and otherwise encourage,
local organizations in the several communities of
the State the purpose of which shall be the promotion,
assistance and development of the business prosperity
and economic welfare of such communities and of this
State;
(12) To make any and all contracts
and to do and perform any and all acts necessary
or convenient for the exercise of the powers granted
by this Act;
(13) To elect or appoint officers,
agents and employees of the corporation and to define
their duties and fix their compensation;
(14) Subject to the provisions of
Section 4 of this Act, to conduct its business within
or without this State;
(15) To accept gifts or grants of
money, service or property, real or personal.
No development credit corporation
has power to assume the management and control of
a business enterprise except in cases of default
on loans extended to the business enterprise when
the loan agreement so provides and, in such cases,
the development credit corporation must divest itself
of control within 2 years.
(Source: P.A. 82-933.) |
(805 ILCS 35/18) (from
Ch. 32, par. 1018) Sec. 18. All development credit corporations
shall possess all applicable powers and privileges
granted corporations by the "Business Corporation
Act of 1983" and shall be subject to the penal and
penalty provisions of that Act except as otherwise
provided in this Act.
(Source: P.A. 83-1362.) |
(805 ILCS 35/19) (from
Ch. 32, par. 1019) Sec. 19. The corporation shall set apart as
an earned surplus at least 50% of its net earnings
each year until such earned surplus equals the total
of the capital and paid-in surplus then outstanding.
Whenever the amount of the earned surplus is reduced
below the requirement of this section, it shall be
built up again to the required amount in the manner
provided for in its original accumulation.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/20) (from
Ch. 32, par. 1020) Sec. 20. The corporation shall not deposit
any of its funds in any banking institution unless
such institution has been designated as a depositary
by a vote of a majority of the directors, exclusive
of any director who is an officer or director of
the depositary so designated. The corporation shall
not receive money on deposit. No loans shall be made
directly or indirectly to any officer or director
of the corporation or to any firm or corporation
in which such officer or director or any member of
the immediate family of any such officer or director
owns in excess of a 10% interest, or otherwise controls,
directly or indirectly. Any officer or director knowingly
approving any loan in violation of this section shall
be personally liable for the amount thereof and such
approval shall be presumed unless the dissent of
such officer or director is noted upon the records
of the corporation.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/21) (from
Ch. 32, par. 1021) Sec. 21. The corporation shall be subject
to the supervision and examination of the Director
and the corporation shall pay the actual expenses
of such examination as determined by the Director.
The corporation shall make such annual or other reports
of its condition to the Director as he may prescribe.
The Department of Financial Institutions
may make and enforce such reasonable rules, regulations,
directions, orders, decisions, and findings as the
execution and enforcement of the provisions of this
Act require, and as are not inconsistent therewith.
All such rules, regulations, directions, orders,
decisions, and findings shall be filed and entered
by the Department in an indexed permanent book or
record, with the effective date thereof suitably
indicated. Copies of all rules, regulations and directions
of a general character shall be mailed to all corporations
then in existence within 10 days after such filing.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/22) (from
Ch. 32, par. 1022) Sec. 22. The holders of capital stock as such
shall have no preemptive or preferential right to
purchase or subscribe for any part of the unissued
capital stock of the corporation of any class or
for any new issue of stock of any class, whether
now or hereafter authorized or issued, or to purchase
or subscribe for any bonds or other obligations,
whether or not convertible into stock of any class
of the corporation, now or hereafter authorized or
issued.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/23) (from
Ch. 32, par. 1023) Sec. 23. Any corporation organized under this
Act, after the payment in full and cancellation of
all its bonds and other obligations issued under
the provisions of this Act, or after the deposit
in trust with the respective trustees designated
in any deeds of trust given to secure the payment
of any such obligation of a sum of money sufficient
for the purpose, may dissolve by the vote of a majority
of the stockholders at any regular meeting or at
a special meeting called for that purpose.
A certificate of dissolution shall
be signed by the president or vice president and
attested by the secretary, certifying to the dissolution
and that they have been authorized by lawful action
of the stockholders to execute and file such certificate.
The certificate of dissolution shall be executed,
acknowledged and filed with the Director and, when
approved by him, shall be recorded in the same manner
as the original articles of incorporation. When the
Director has indorsed his approval on the certificate
of dissolution the corporation is deemed to be dissolved.
The corporation shall, however, continue
for the purpose of paying, satisfying and discharging
any other existing liabilities or obligations and
for collecting or liquidating its assets, and doing
all other acts required to adjust and wind up its
business and affairs, and may sue and be sued in
its corporate name.
Any assets remaining after all liabilities
and obligations have been satisfied shall be distributed
pro rata among the stockholders of the corporation.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/24) (from
Ch. 32, par. 1024) Sec. 24. Except as otherwise provided in Section
25, all domestic corporations organized for the purpose
of carrying on business within this State and all
foreign corporations qualified to do business in
Illinois, including, without implied limitation,
any railroad or transportation corporation, and all
trusts, are authorized to acquire, purchase, hold,
sell, assign, transfer, mortgage, pledge or otherwise
dispose of any bonds, securities, or other evidences
of indebtedness created by, or the shares of the
capital stock of any corporation established by this
Act and, while owners of the stock, to exercise all
the rights, powers and privileges of ownership, including
the right to vote thereon.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/25) (from
Ch. 32, par. 1025) Sec. 25. A financial institution which does
not become a member of a corporation established
by this Act shall not acquire any shares of the capital
stock of such corporation. This prohibition, however,
shall not apply to a financial institution when acting
as trustee of a bona fide trust.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/26) (from
Ch. 32, par. 1026) Sec. 26. Each financial institution which
becomes a member of a corporation organized under
this Act is authorized to acquire, purchase, hold,
sell, assign, transfer, mortgage, pledge, or otherwise
dispose of any bonds, securities or other evidences
of indebtedness issued by such corporation or the
shares of its capital stock and while owners of the
stock to exercise all the rights, powers and privileges
of ownership, including the right to vote thereon,
all without the approval of any regulatory authority
of this State. The amount of capital stock of such
corporation which any member is authorized to acquire
pursuant to the authority granted herein shall be
in addition to the amount of capital stock in corporations
which such member may otherwise be authorized to
acquire, provided, however, that no financial institution
shall become a shareholder of more than one development
credit corporation.
(Source: P.A. 82-933.) |
(805 ILCS 35/27) (from
Ch. 32, par. 1027) Sec. 27. (1) Every person appointed or elected
to any position requiring the receipt, payment, management
or use of money belonging to a Development Credit
Corporation or whose duties permit him to have access
to or custody of any of its money or securities or
whose duties permit him regularly to make entries
in the books or other records of a Development Credit
Corporation, before assuming his duties shall become
bonded in some fidelity insurance company licensed
to do business in this State. Each bond shall be
on a form or forms as the Director shall require
and in such amount as the board of directors shall
fix and approve.
(2) Nothing contained herein shall
preclude the Director from proceeding against a Development
Credit Corporation as provided in this Act should
he believe that it is being conducted in an unsafe
manner in that the form or amount of bonds so fixed
and approved by the board of directors is inadequate
to give reasonable protection to the Development
Credit Corporation.
(Source: Laws 1965, p. 577.) |
(805 ILCS 35/28) (from
Ch. 32, par. 1028) Sec. 28. (1) The Director may forthwith direct
the suspension of operation and take possession and
control of any Development Credit Corporation whenever
he or she finds that such Development Credit Corporation:
(a) is conducting its business contrary
to any applicable law or its Article of Incorporation;
or
(b) is conducting its business in
an unsafe manner as a result of irregularities found
or reported in its account; or
(c) has failed to give an adequate
accounting or to take the necessary steps to render
an accounting; or
(d) has failed or refused to furnish
the Director with reports lawfully required to be
furnished to the Director; or
(e) cannot with safety to its members
and shareholders continue its business expediently;
or
(f) is insolvent or in an unsafe
condition to transact its business; or
(g) has suspended payment of its
obligations; or
(h) has impaired its capital; or
(i) has through its officers refused
to submit its books, papers or records of affairs
for inspection by any examiner or has otherwise refused
to be lawfully examined.
(2) Such suspension, possession and
control by the Director shall continue until rescinded
and terminated by the Director, however, such suspension,
possession and control shall be rescinded and terminated
once the cause for such suspension, possession and
control has abated or has been corrected.
(3) Upon the suspension of operation
of any Development Credit Corporation by the Director,
the officers and directors shall, as soon thereafter
as reasonably possible, deliver possession of all
of the assets of suc | |
