Sec. 10. Acts prohibited).
403 words·~2 min read·
/il/chapter-315/act-20/10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10. Acts prohibited). No Neighborhood Redevelopment Corporation shall:
(1)Acquire title to any Real Property, or any interest therein except by way of unexercised option, unless it shall first have obtained a certificate from the Redevelopment Commission, given after the hearing prescribed by Section 18 of this Act, that the acquisition of Real Property and its Development in the Development Area is necessary and convenient for the public purposes defined by this Act and is part of the public use declared by this Act.
(2)Sell, convey, lease or assign any Real Property without the imposition of those building and use restrictions which have been assumed by the Neighborhood Redevelopment Corporation, and which shall be included in all instruments of sale, conveyance, transfer, lease or assignment: Provided, that there are excepted from this prohibition those building and use restrictions which shall have been abandoned or altered due to change in the predominant character of the locality as determined by judicial decision.
(3)Issue shares whether common, preferred, or both, in an amount greater than the Development Cost, as determined by the Redevelopment Commission, less the amount of any Mortgage thereon; Provided, that nothing herein contained shall be construed to prohibit the issuance of common shares subscribed by pre-incorporation subscription preceding the determination of the Development Cost.
(4)Sell, convey, or mortgage any Real Property without the approval of the Redevelopment Commission.
(5)Lease an entire building or entire tract of land in the Development Area to any person or corporation without the approval of the Redevelopment Commission.
(6)Acquire any Real Property outside the Development Area allotted it by the Redevelopment Commission.
(7)Change, alter, amend, add to or depart from an approved Development Plan, except as otherwise provided by this Act.
(8)Make any guarantee without obtaining the approval of the Redevelopment Commission.
(9)Reorganize without obtaining the approval of the Redevelopment Commission.
(10)Merge or consolidate with any corporation.
(11)Voluntarily dissolve without first having obtained the certificate of the Redevelopment Commission as provided in Section 13 of this Act.
(12)Acquire title to any Real Property, or any interest therein, because of the race, color, creed, sex or national origin of any person owning or claiming an interest in that Real Property.
(13)Refuse to sell shares, either common or preferred, or other securities to any person on account of the person's race, color, creed, national origin or sex.