(205 ILCS 305/16) (from Ch. 17, par. 4417)
Sec. 16. Societies and associations. Societies,
associations, clubs, partnerships, corporations, and limited
liability companies in which one or more of the members, partners, or
shareholders
are individuals who are
eligible for credit union membership may be admitted to membership in a credit
union in the same
manner and under the same conditions as individuals, subject to such rules
as the Secretary and the Director may promulgate hereunder. Any members, partners, or shareholders who are ineligible for membership in the credit union shall not become eligible by virtue of the eligibility of the entity in which they hold an ownership interest.
(Source: P.A. 103-289, eff. 7-28-23.)
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