The special readtable in TEXTMODULES is used to preserve comments in soource code. In the Common Lisp readtables, the (unquoted) semicolon ; is treated as "skip all content until the next end-of-line.
THe LISP-FILE readtable is modified to recognize the number of semi-colons ";" ";;" ";;;" and turn the following text into an Interlisp-style comment
(IL: *;;; "This is a comment")
Which the definer (DEFUN, DEFMACRO etc) will remove before turning the result into executable code.
Interlisp doesn't allow comments in arbitrary locations, which often means comments aren't always next to the place where it would apply.
, but with TextModules you get comments anywhere.