(40 ILCS 5/16-181)
(from Ch. 108 1/2, par. 16-181)
To make deposits.
To keep sufficient cash on deposit in one or more banks, savings and loan
associations or trust companies, organized under the laws of the State of
Illinois or of the United States, for the purpose of making disbursements
for annuities and other expenses; provided that the sum on deposit in any
one bank, savings and loan association or trust company shall not exceed
25% of the paid up capital and surplus of the depository.
No bank or savings and loan association shall receive investment funds
as permitted by this Section, unless it has complied with the requirements,
other than the maximum deposit requirement, 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 amended.
(Source: P.A. 83-1440.)