(315 ILCS 20/41) (from Ch. 67 1/2, par. 291)
Sec. 41.
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.
(Source: Laws 1953, p. 1138.)
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