(15 ILCS 520/1)
(from Ch. 130, par. 20)
The State Treasurer shall deposit all
moneys received by him on account of the State within five days after
receiving the same in such banks, savings and loan associations
or credit unions of
the State as may be authorized to
receive such deposits under the terms of this Act. The money so deposited
shall be placed to the account of the State Treasurer.
No bank, savings and loan association or credit union
shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
For purposes of this Act, the term "bank" or "savings and loan association"
shall be deemed to include a credit union, and, unless otherwise
specifically set forth in this Act, credit unions shall be subject to all
rights, privileges, remedies, duties, and obligations granted or imposed by
this Act upon banks and savings and loan associations.
(Source: P.A. 85-803.)