Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/10-22.29a

(105 ILCS 5/10-22.29a) (from Ch. 122, par. 10-22.29a)

Sec. 10-22.29a.

To authorize the establishment of an investment club,
in any high school within the district, to be organized on a purely
voluntary basis. The State Board of Education may, however,
promulgate reasonable standards regarding the establishment,
organization and operation of investment clubs formed pursuant to this
Section which standards must be complied with by all those concerned.
The superintendent of schools shall, when the board has authorized the
establishment of an investment club, designate a teacher in the high
school where the club is organized to serve as sponsor of the club and
as the fiduciary for members of the club in making the purchases and
sales of securities on behalf of the members and shall also designate an
investment dealer registered with the Secretary of State of Illinois as
an investment dealer; to provide investment counseling and brokerage
services for the members of the club. That investment dealer shall (a)
reflect all transactions entered into on behalf of the investment club
in an account in the name of the teacher as fiduciary, (b) submit
monthly to the fiduciary a statement of account reflecting all
transactions entered into on behalf of the club during the previous
month including the prices paid on purchases and the proceeds received
on sales of securities and the costs and fees incurred in each
transaction and listing the accumulated holdings of the investment club
by type of security, number of shares of stock, name of the issuer and
any other information necessary to identify the composition of the
accumulated security holdings of the club, and (c) handle transactions
on behalf of the club, through the designated fiduciary as a street
account rather than through issuance of certificates in the name of the
fiduciary or of individual club members. Any investment club formed
under this Section must sell all securities purchased through the club
and distribute the proceeds of sales to its members by May 20th each
year. All investment clubs are subject to the provisions of the 
Illinois Securities Law of 1953.

(Source: P.A. 100-201, eff. 8-18-17.)