State of Illinois
91st General Assembly
Legislation

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91_SB1422

                                               LRB9111247JSpc

 1        AN   ACT   concerning   certain  financial  institutions,
 2    amending named Acts.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.  The Illinois Savings and Loan Act of 1985 is
 6    amended by changing Sections 1-10.14 and 1-10.21 as follows:

 7        (205 ILCS 105/1-10.14) (from Ch. 17, par. 3301-10.14)
 8        Sec. 1-10.14.  "Person": an individual, limited liability
 9    company,   partnership,   joint   venture,   trust,   estate,
10    unincorporated association, or corporation.
11    (Source: P.A. 84-543.)

12        (205 ILCS 105/1-10.21) (from Ch. 17, par. 3301-10.21)
13        Sec. 1-10.21.  "Service Corporation": any corporation  or
14    limited  liability  company which is 90% or more owned by one
15    or  more  associations,  whose  purpose   or   purposes   are
16    reasonably  incident  to  the  accomplishment  of the express
17    powers  conferred  upon  associations  by  this  Act   or   a
18    corporation  or  limited  liability company chartered for any
19    purpose  whatsoever  by  at  least  one  association   or   a
20    corporation   or   limited  liability  company  in  which  an
21    association has a controlling interest, and the ownership  of
22    all  of  whose  stock or ownership interest is subject to the
23    regulations of the Commissioner.
24    (Source: P.A. 84-543.)

25        Section 10.  The Savings Bank Act is amended by  changing
26    Sections 1007.90 and 1007.105 as follows:

27        (205 ILCS 205/1007.90) (from Ch. 17, par. 7301-7.90)
28        Sec. 1007.90.  "Person" means an individual, corporation,
 
                            -2-                LRB9111247JSpc
 1    limited liability company, partnership, joint venture, trust,
 2    estate, or unincorporated association.
 3    (Source: P.A. 86-1213.)

 4        (205 ILCS 205/1007.105) (from Ch. 17, par. 7301-7.105)
 5        Sec.   1007.105.    "Service   corporation"   means   any
 6    corporation  or limited liability company that is 51% or more
 7    owned by one or more savings banks, or by savings  banks  and
 8    other  depository institutions, whose purposes are reasonably
 9    incident to the accomplishment of the powers  conferred  upon
10    savings banks by this Act.
11    (Source: P.A. 91-97, eff. 7-9-99.)

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