Illinois Compiled Statutes 205 ILCS 305/54 – Loans to associations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 205 ILCS 305/54
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A credit union may make loans to any credit union association or corporation, of which the credit union is a member or shareholder, except that the aggregate of all such loans shall not exceed 5% of the assets of the credit union.