Illinois Compiled Statutes 805 ILCS 155/20-35 – Executive director and fund management
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(a) The executive director hired by the Board shall have the same qualifications as a director pursuant to subsections (d), (g), and (h) of Section 20-20 of this Act. The executive director may not be a candidate for the Board of Directors while serving as executive director. The executive director must have 5 or more years of experience in equitable and inclusive financing serving racially and socioeconomically diverse communities.
(b) To hire the executive director, the Board shall adhere to any applicable State or federal law prohibiting discrimination in employment.
(c) The Board shall require all applicants for the position of executive director of the Fund to file a financial statement consistent with requirements established by the Board. The Board shall require the executive director to file a current statement annually.
(d) The Fund shall be administered by the executive director and the staff and overseen by the Board of Directors. Fund officers and staff shall receive training in how to best provide services and support to low-income, environmental justice, and BIPOC communities and on supporting borrowers with loan applications, loan underwriting, and loan services.
(b) To hire the executive director, the Board shall adhere to any applicable State or federal law prohibiting discrimination in employment.
Terms Used In Illinois Compiled Statutes 805 ILCS 155/20-35
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
(c) The Board shall require all applicants for the position of executive director of the Fund to file a financial statement consistent with requirements established by the Board. The Board shall require the executive director to file a current statement annually.
(d) The Fund shall be administered by the executive director and the staff and overseen by the Board of Directors. Fund officers and staff shall receive training in how to best provide services and support to low-income, environmental justice, and BIPOC communities and on supporting borrowers with loan applications, loan underwriting, and loan services.