(20 ILCS 3820/15)
Creation of Illinois Investment and Development Authority;
(a) There is created a political subdivision, body politic and
corporate, to be known as the Illinois Investment and
Development Authority. The exercise by the Authority of the powers
conferred by law shall be an essential public function. The governing
powers of the Authority shall be vested in a body consisting of 11
members, including, as ex officio members, the Commissioner of Banks
and Real Estate and the Director of Commerce and Economic Opportunity or
their designees. The other 9 members of the Authority shall be
appointed by the Governor, with the advice and consent of the Senate,
and shall be designated "public members". The public members shall
include representatives from banks and other private financial services
industries, community development finance experts, small business
development experts, and other community leaders. Not more than 6
members of the Authority may be of the same political party. The
Chairperson of the Authority shall be designated by the Governor from
among its public members.
(b) Six members of the Authority shall constitute a quorum.
However, when a quorum of members of the Authority is physically
present at the meeting site, other Authority members may participate in
and act at any meeting through the use of a conference telephone or
other communications equipment by means of which all persons
participating in the meeting can hear each other. Participation in such
meeting shall constitute attendance and presence in person at the
meeting of the person or persons so participating.
official acts of the Authority shall require the approval of at least 5
(c) Of the members initially appointed by the Governor pursuant
to this Act, 3 shall serve until the third Monday in January, 2004, 3 shall
serve until the third Monday in January, 2005, and 3 shall serve until
the third Monday in January, 2006 and all shall serve until their successors
appointed and qualified. All successors shall hold office for a term of 3
years commencing on the third Monday in January of the year in which
their term commences, except in case of an appointment to fill a vacancy.
Each member appointed under this Section who is confirmed by the
Senate shall hold office during the specified term and until his or her
successor is appointed and qualified. In case of vacancy in the office
when the Senate is not in session, the Governor may make a temporary
appointment until the next meeting of the Senate, when the Governor
shall nominate such person to fill the office, and any person so
nominated who is confirmed by the Senate, shall hold his or her office
during the remainder of the term and until his or her successor is
appointed and qualified.
(d) Members of the Authority shall not be entitled to compensation
for their services as members, but shall be entitled to reimbursement for
all necessary expenses incurred in connection with the performance of
their duties as members.
(e) The Governor may remove any public member of the Authority
in case of incompetency, neglect of duty, or malfeasance in office, after
service on the member of a copy of the written charges against him or her
and an opportunity to be publicly heard in person or by counsel in his
or her own defense upon not less than 10 days notice.
(Source: P.A. 94-793, eff. 5-19-06.)