Sec. 38. Supervision of issuance of stock and mortgages.
75 words·~1 min read·
/il/chapter-315/act-20/38A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 38. Supervision of issuance of stock and mortgages.
The power of Neighborhood Redevelopment Corporations to issue shares of stock and Mortgages is a special privilege and shall be exercised only under the supervision and regulation of the Redevelopment Commission, acting for the State, according to the provisions of this Act and under such administrative rules and regulations as may be adopted by the Redevelopment Commission in discharging the functions given it by this Act.