Illinois Compiled Statutes 30 ILCS 790/10 – The Charitable Trust Stabilization Committee
Current as of: 2024 | Check for updates
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(a) The Charitable Trust Stabilization Committee is created. The Committee consists of the following members:
(1) the Attorney General or his or her designee, who
(1) the Attorney General or his or her designee, who
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shall serve as co-chair of the Committee;
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(2) a member that represents the Office of the State
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Treasurer that is appointed by the Treasurer, who shall serve as co-chair of the Committee;
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(3) the Lieutenant Governor or his or her designee;
(4) the Director of Commerce and Economic Opportunity
Terms Used In Illinois Compiled Statutes 30 ILCS 790/10
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
(4) the Director of Commerce and Economic Opportunity
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or his or her designee;
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(5) the chief executive officer of the Division of
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Financial Institutions in the Department of Financial and Professional Regulation or his or her designee; and
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(6) six private citizens, who shall serve a term of 6
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years, appointed by the State Treasurer with advice and consent of the Senate.
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(b) The State Treasurer shall adopt rules, including procedures and criteria for grant awards. The Committee must meet at least once each calendar quarter, and it may establish committees and officers as it deems necessary. For purposes of Committee meetings, a quorum is a majority of the members. Meetings of the Committee are subject to the Open Meetings Act. The Committee must afford an opportunity for public comment at each of its meetings.
(c) Committee members shall serve without compensation, but may be reimbursed for their reasonable travel expenses from funds available for that purpose. The Office of the State Treasurer shall, subject to appropriation, provide staff and administrative support services to the Committee.
(d) The State Treasurer shall administer the Charitable Trust Stabilization Fund.
The State Treasurer may transfer all or a portion of the balance of the fund to a third-party administrator to fulfill the mission of the Committee and the purposes of the fund in accordance with this Act and in compliance with Section 5(c) of this Act.
(c) Committee members shall serve without compensation, but may be reimbursed for their reasonable travel expenses from funds available for that purpose. The Office of the State Treasurer shall, subject to appropriation, provide staff and administrative support services to the Committee.
(d) The State Treasurer shall administer the Charitable Trust Stabilization Fund.
The State Treasurer may transfer all or a portion of the balance of the fund to a third-party administrator to fulfill the mission of the Committee and the purposes of the fund in accordance with this Act and in compliance with Section 5(c) of this Act.