Sec. 1B-16. Cash accounts and bank accounts.
109 words·~1 min read·
/il/chapter-105/act-5/1b-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1B-16. Cash accounts and bank accounts.
(a)The Panel shall require the board or any officer of the board, including the board's treasurer or any person acting as the board's official or ex officio treasurer, to establish and maintain separate cash accounts and separate bank accounts in accordance with such standards and procedures as the Panel may prescribe.
(b)The Panel shall have the power to assume exclusive administration of the cash accounts and bank accounts of the board, to establish and maintain whatever new cash accounts and bank accounts it may deem appropriate, and to withdraw funds from such accounts for the lawful expenditures of the board.