{"data":{"id":"us-il/50-ilcs-465-55","jurisdiction":"us-il","citation":"50 ILCS 465/55","heading":"","body":"Interests of corporate officers or employees; participating lending institutions. Notwithstanding the provisions of any other law to the contrary, a member of the corporate authorities, or an officer or employee of the Authority, may be an officer, employee, or stockholder of a lending institution or lender participating in a residential housing finance plan of the corporate authorities, provided the member (if a member of the corporate authorities) declares such position or interest at a regular meeting of the corporate authorities prior to passage of an ordinance establishing the plan and abstains from voting on the ordinance.","path":["CHAPTER 50 LOCAL GOVERNMENT","Local Government Housing Finance Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=724\u0026ChapterID=11\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:22Z","sha256":"de5c3a57bf919deb2bd3fe43e2ae6014e329e5e31e877a34bffaebc1f58ee970","source_id":"us-il","stale":false,"prev":"us-il/50-ilcs-465-50","next":"us-il/50-ilcs-465-60"},"notice":"GroundRules: Original legal text. Not legal advice."}