Sec. 7-194. To accept gifts.
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/il/chapter-40/act-5/7-194A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7-194. To accept gifts.
To accept any gift, grant or bequest of any money or securities for the purposes designated by the grantor if such purpose is specified as providing cash benefits to some or all of the participating employees or annuitants of this fund, or if no such purposes are designated, for the purpose of distribution to all the participating employees at the end of the year in the same proportion as the interest at the effective rate is allocated for the year.