(a) The Corporation is a political subdivision, body politic, and public corporation. The governing powers of the Corporation are vested in the Board of Directors composed of the Director, who shall personally serve as president; the Attorney General or his or her designee, who shall serve as secretary; the State Treasurer or his or her designee, who shall serve as treasurer; the Director of the Department of Insurance or his or her designee; and the chief fiscal officer of the Department. Three members of the Board constitute a quorum at any meeting of the Board, and the affirmative vote of 3 members is necessary for any action taken by the Board at a meeting, except that a lesser number may adjourn a meeting from time to time. A vacancy in the membership of the Board does not impair the right of a quorum to exercise all the rights and perform all the duties of the Board and Corporation.
     (b) The Corporation has the following powers, together with all powers incidental or necessary to the discharge of those powers in corporate form:
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Terms Used In Illinois Compiled Statutes 240 ILCS 40/30-5

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • 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.
  • Quorum: The number of legislators that must be present to do business.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

        (1) To have perpetual succession by its corporate
    
name as a corporate body.
        (2) To adopt, alter, and repeal bylaws, not
    
inconsistent with the provisions of this Code, for the regulation and conduct of its affairs and business.
        (3) To adopt and make use of a corporate seal and to
    
alter the seal at pleasure.
        (4) To avail itself of the use of information,
    
services, facilities, and employees of the State of Illinois in carrying out the provisions of this Code.
        (5) To receive funds, printer registration fees, and
    
penalties assessed by the Department under this Code.
        (6) To administer the Fund by investing funds of the
    
Corporation that the Board may determine are not presently needed for its corporate purposes.
        (7) To receive funds from the Trust Account for
    
deposit into the Fund.
        (8) Upon the request of the Director, to make payment
    
from the Fund and the Reserve Fund to the Trust Account when payment is necessary to compensate claimants in accordance with the provisions of Section 25-20 or for payment of refunds to licensees in accordance with the provisions of this Code.
        (9) To authorize, receive, and disburse funds by
    
electronic means.
        (10) To make any inquiry and investigation deemed
    
appropriate with regard to the failure of any licensee, including but not limited to analyzing the causes of and reasons for the failure; determining the adequacy and accuracy of Department examinations and other regulatory measures with regard to the failed licensee; and analyzing whether the handling of the liquidation and payment process by the Department was done in a manner that served the interests of those persons whose interests this Code was designed to protect.
        (11) To have those powers that are necessary or
    
appropriate for the exercise of the powers specifically conferred upon the Corporation and all incidental powers that are customary in corporations.
        (12) To make payments from the Fund to the Asset
    
Preservation Account in accordance with Section 20-20(e) of this Code.
    (c) A committee of advisors shall be created to provide technical assistance and advice and make recommendations to the Board. The advisory committee shall assist the board in understanding pertinent developments in grain production and marketing and the grain industry. The advisory committee shall be composed of one grain producer designated by the Illinois Farm Bureau; one grain producer designated by the Illinois Farmers Union; one grain producer designated by the Illinois Corn Growers Association; one grain producer designated by the Illinois Soybean Association; 2 representatives of the grain industry, designated by the Grain and Feed Association of Illinois; and 2 representatives of the lending industry, one each designated by the Illinois Bankers Association and the Community Bankers of Illinois. Members of the advisory committee shall serve terms of 2 years from the date of their designation. Members of the advisory committee shall have the right to attend all meetings of the Board and participate in Board discussions, but shall not have a vote.
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