240 ILCS 40/30-5
2021 Illinois Compiled Statutes|Chapter 240 - WAREHOUSES|240 ILCS 40/ - Grain Code.|Article 30 - Illinois Grain Insurance Fund

Sec. 30-5. Illinois Grain Insurance Corporation.(a) The Corporation is a political subdivision, body politic,  and public corporation. The governing powers of the Corporation  are vested in the Board of Directors composed of the Director,  who shall personally serve as president; the Attorney General or  his or her designee, who shall serve as secretary; the State Treasurer or  his or her designee, who shall serve as treasurer; the Director of the  Department of Insurance or his or her designee; and the chief fiscal officer  of the Department.  Three members of the Board  constitute a  quorum at any meeting of the Board, and the affirmative vote of  3 members is necessary for any action taken by the  Board at a meeting, except that a lesser number may adjourn a  meeting from time to time.  A vacancy in the membership of the  Board does not impair the right of a quorum to exercise all the rights  and perform all the duties of the Board and Corporation.(b) The Corporation has the following powers, together  with all powers incidental or necessary to the discharge of those powers in  corporate form:(1) To have perpetual succession by its corporate     name as a corporate body.(2) To adopt, alter, and repeal bylaws, not     inconsistent with the provisions of this Code, for the regulation and conduct of its affairs and business.(3) To adopt and make use of a corporate seal and to     alter the seal at pleasure.(4) To avail itself of the use of information,     services, facilities, and employees of the State of Illinois in carrying out the provisions of this Code.(5) To receive funds, printer registration fees, and     penalties assessed by the Department under this Code.(6) To administer the Fund by investing funds of the     Corporation that the Board may determine are not presently needed for its corporate purposes.(7) To receive funds from the Trust  Account for     deposit into the  Fund.(8) Upon the request of the Director, to make payment     from the Fund and the Reserve Fund to the Trust Account when payment is necessary to compensate claimants in accordance with the provisions of Section 25-20 or for payment of refunds to licensees in accordance with the provisions of this Code.(9) To authorize, receive, and disburse funds by     electronic means.(10) To make any inquiry and investigation deemed     appropriate with regard to the failure of any licensee, including but not limited to analyzing the causes of and reasons for the failure; determining the adequacy and accuracy of Department examinations and other regulatory measures with regard to the failed licensee; and analyzing whether the handling of the liquidation and payment process by the Department was done in a manner that served the interests of those persons whose interests this Code was designed to protect.(11) To have those powers that are necessary or     appropriate for the exercise of the powers specifically conferred upon the Corporation and all incidental powers that are customary in corporations.(12) To make payments from the Fund to the Asset     Preservation Account in accordance with Section 20-20(e) of this Code.(c) A committee of advisors shall be created to provide technical  assistance  and advice and make recommendations to the Board.  The advisory committee shall  assist the board in understanding pertinent developments in grain production  and marketing and the grain industry.  The advisory committee shall be composed  of one grain producer designated by the Illinois Farm Bureau; one grain  producer designated by the Illinois Farmers Union; one grain producer  designated by the Illinois Corn Growers Association; one grain producer  designated by the Illinois Soybean Association;  2 representatives of the grain industry, designated by the Grain and Feed  Association of  Illinois; and 2 representatives of the lending industry, one each designated by  the Illinois  Bankers Association and the Community Bankers of Illinois.  Members of the advisory committee shall serve terms of 2 years from the date of  their designation.  Members of the advisory committee shall have the right to  attend all meetings of the Board and participate in Board discussions, but  shall not have a vote.       (Source: P.A. 93-225, eff. 7-21-03; 94-54, eff. 1-1-06.)