(20 ILCS 3805/7.24c) (from Ch. 67 1/2, par. 307.24c)
Sec. 7.24c.
The Authority may, in instances in which it determines that
it is necessary or desirable in order to carry out its purposes under this
Act, form or consent to the formation of one or more
instrumentality corporations pursuant to the General Not For Profit
Corporation Act, as amended, or the State Housing Act, as amended.
The Authority may be a member of the instrumentality corporations and the
members and officers of the Authority from time to time may be members of
the governing board or officers of the instrumentality corporations. The
Authority shall supervise the activities of the instrumentality
corporations and may enter into agreements with them providing for the
Authority to approve various aspects of their operations. The Authority
may require that it approve aspects of the operation of the instrumentality
corporations including, without limitation, the following: their charter
and by-laws, their directors, their projects and expenditures and the
issuance of their obligations. The Authority may agree to, and may take
title to property of an instrumentality corporation upon its dissolution.
(Source: P.A. 83-1251.)
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