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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0637 Introduced 01/31/11, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 205 ILCS 115/2 | from Ch. 17, par. 3602 |
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Amends the Savings and Loan Share and Account Act.
Makes a technical change
to a Section
relating to joint ownership of accounts.
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| | A BILL FOR |
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| | HB0637 | | LRB097 03465 CEL 43502 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Savings and Loan Share and Account Act is |
| 5 | | amended by changing Section 2 as follows:
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| 6 | | (205 ILCS 115/2) (from Ch. 17, par. 3602)
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| 7 | | Sec. 2.
Any savings and
and loan or Federal savings and |
| 8 | | loan association may
issue shares, share accounts or accounts |
| 9 | | in the joint names of two or more
persons or their survivor, in |
| 10 | | which event any of such persons shall have
power to act in all |
| 11 | | matters related to such shares, share accounts or
accounts |
| 12 | | whether the other person or persons named in such shares, share
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| 13 | | accounts or accounts be living or not. Such a joint account |
| 14 | | shall create a
single membership in any such association. The |
| 15 | | repurchase or redemption or
withdrawal value of shares, share |
| 16 | | accounts or accounts issued in joint
names, and dividends |
| 17 | | thereon, or other rights relating thereto, may be paid
or |
| 18 | | delivered, in whole or in part, to any of such persons, whether |
| 19 | | the
other person or persons be living or not. The payment or |
| 20 | | delivery to any
such person, or a receipt or acquittance signed |
| 21 | | by any such person, to whom
any such payment or any such |
| 22 | | delivery of rights is made, shall be a valid
and sufficient |
| 23 | | release and discharge of any such association for the
payment |