(205 ILCS 205/8012) (from Ch. 17, par. 7308-12)
Sec. 8012.
Conversion of an existing depository institution
to a savings bank.
(a) Except as provided in subsection (b),
an existing depository institution may become an
Illinois savings bank by:
(1) Applying to the Commissioner of Banks and Real Estate for an Illinois savings bank |
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(2) Obtaining insurance of accounts from a deposit
insurance corporation.
(3) Complying with the provisions of this Act and the rules and regulations of the
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| Commissioner, except that any requirements of publication, notice, and public hearing are hereby waived.
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(4) Paying all outstanding bills for supervisory fees, examination fees, membership
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| fees, other fees, penalties, and assessments associated with its original charter.
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(5) Recording a savings bank charter in the county of its
company headquarters.
(6) Giving notice to its original chartering authority and surrendering its charter to
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| its chartering authority upon approval of the Commissioner.
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(b) A federal association required by a law of the United States to
convert to a national bank or to a depository institution chartered under the
laws
of the State of Illinois that elects to become a savings bank may apply for an
expedited process under this subsection. Upon filing with the Commissioner a
certified copy of the conversion registration statement filed with the
appropriate
federal regulatory agency and a certificate issued by that federal regulatory
agency showing that the federal association has complied with the provisions
of federal law, the Commissioner shall issue a savings bank charter to the
converting federal association, provided the converting federal association:
(i) furnishes evidence of insurance of accounts from a deposit insurance
corporation;
(ii) complies with the provisions of this Act and the rules of the Commissioner, except
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| that any requirements of publication notice and public hearing are waived; and
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(iii) records the savings bank charter in the county of its principal
place of business.
(c) A federal savings association that converts to a savings bank under
subsection (b) of this Section shall not be required to pay any application
fees
in connection with the conversion.
(Source: P.A. 89-508, eff. 7-3-96; 90-270, eff. 7-30-97.)
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