(315 ILCS 20/10)
(from Ch. 67 1/2, par. 260)
No Neighborhood Redevelopment Corporation shall:
(1) Acquire title to any Real Property, or any interest therein
except by way of unexercised option, unless it shall first have obtained
a certificate from the Redevelopment Commission, given after the hearing
prescribed by Section 18 of this Act, that the acquisition of Real
Property and its Development in the Development Area is necessary and
convenient for the public purposes defined by this Act and is part of
the public use declared by this Act.
(2) Sell, convey, lease or assign any Real Property without the
imposition of those building and use restrictions which have been
assumed by the Neighborhood Redevelopment Corporation, and which shall
be included in all instruments of sale, conveyance, transfer, lease or
assignment: Provided, that there are excepted from this prohibition
those building and use restrictions which shall have been abandoned or
altered due to change in the predominant character of the locality as
determined by judicial decision.
(3) Issue shares whether common, preferred, or both, in an amount
greater than the Development Cost, as determined by the Redevelopment
Commission, less the amount of any Mortgage thereon; Provided, that
nothing herein contained shall be construed to prohibit the issuance of
common shares subscribed by pre-incorporation subscription preceding the
determination of the Development Cost.
(4) Sell, convey, or mortgage any Real Property without the approval
of the Redevelopment Commission.
(5) Lease an entire building or entire tract of land in the
Development Area to any person or corporation without the approval of
the Redevelopment Commission.
(6) Acquire any Real Property outside the Development Area allotted
it by the Redevelopment Commission.
(7) Change, alter, amend, add to or depart from an approved
Development Plan, except as otherwise provided by this Act.
(8) Make any guarantee without obtaining the approval of the
(9) Reorganize without obtaining the approval of the Redevelopment
(10) Merge or consolidate with any corporation.
(11) Voluntarily dissolve without first having obtained the
certificate of the Redevelopment Commission as provided in Section 13 of
(12) Acquire title to any Real Property, or any interest therein,
because of the race, color, creed, sex or national origin of any person
owning or claiming an interest in that Real Property.
(13) Refuse to sell shares, either common or preferred, or other
securities to any person on account of the person's race, color, creed,
national origin or sex.
(Source: P.A. 81-266.)