97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2076

 

Introduced 2/10/2011, by Sen. John G. Mulroe

 

SYNOPSIS AS INTRODUCED:
 
See Index

     Amends the Illinois Savings and Loan Act of 1985. Permits an association to amend the articles of incorporation for the purpose of changing the name of the association after commencing business if the submission by the board of directors of the association certifies the approval of the proposed name change and has an approved plan for notifying all parties who may be affected by the name change and the new name meets the requirements as determined by the Secretary. Creates the Savings Institutions Regulatory Fund that is to be used for the ordinary and contingent expenses of the Department of Financial and Professional Regulation and the Division of Banking, or their successors. Makes other changes. Amends the Savings Bank Act. Creates a provision for savings bank to, after commencing business, amend the articles of incorporation for the purpose of changing the name of the savings bank if the board of directors of the savings bank approves the name change and a plan for notifying all parties who may be affected by the change and the new name meets the requirements as determined by the Secretary. Provides that any person aggrieved by a decision of the Secretary under the Savings Bank Act may receive a hearing before the Secretary. Creates provisions that outline procedures for an aggrieved person to request a hearing and the procedures for the Secretary or his or her agent to subpoena records, investigate verified complaints, and record the proceedings. Makes other changes. Amends the Division of Banking Act, Electronic Funds Transfer Act, and the Corporate Fiduciary Act to make corresponding changes. Amends the State Finance Act to create the Savings Institution Regulatory Fund.


LRB097 10191 CEL 50384 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2076LRB097 10191 CEL 50384 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Division of Banking Act is amended by
5changing Sections 2.5, 5, and 6 as follows:
 
6    (20 ILCS 3205/2.5)
7    Sec. 2.5. Prohibited activities.
8    (a) For the purposes of this Section, "regulated entity"
9means any person, business, company, corporation, institution,
10or other entity who is subject or should be subject to
11regulation by the Office of Banks and Real Estate under the
12Illinois Banking Act, the Illinois Savings and Loan Act of
131985, the Savings Bank Act, the Residential Mortgage License
14Act of 1987, the Corporate Fiduciary Act, the Illinois Bank
15Holding Company Act of 1957, the Savings and Loan Share and
16Account Act, the Pawnbroker Regulation Act, the Foreign Banking
17Office Act, or the Electronic Fund Transfer Act.
18    (a-5) The Division may examine any person, business,
19company, corporation, institution, or other entity having a
20relationship with a regulated entity upon determination by the
21Secretary that the relationship may have an adverse impact upon
22the affairs, activities, or safety and soundness of any
23regulated entity or the public.

 

 

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1    (b) The Commissioner and the deputy commissioners shall not
2be an officer, director, employee, or agent of a regulated
3entity or of a corporation or company that owns or controls a
4regulated entity.
5    The Commissioner and the deputy commissioners shall not own
6shares of stock or hold any other equity interest in a
7regulated entity or in a corporation or company that owns or
8controls a regulated entity. If the Commissioner or a deputy
9commissioner owns shares of stock or holds an equity interest
10in a regulated entity at the time of appointment, he or she
11shall dispose of such shares or other equity interest within
12120 days from the date of appointment.
13    The Commissioner and the deputy commissioners shall not
14directly or indirectly obtain a loan from a regulated entity or
15accept a gratuity from a regulated entity that is intended to
16influence the performance of official duties.
17    (c) Employees of the Office of Banks and Real Estate shall
18not be officers, directors, employees, or agents of a regulated
19entity or of a corporation or company that owns or controls a
20regulated entity.
21    Except as provided by standards which the Office of Banks
22and Real Estate may establish, employees of the Office of Banks
23and Real Estate shall not own shares of stock or hold any other
24equity interest in a regulated entity or in a corporation or
25company that owns or controls a regulated entity, or directly
26or indirectly obtain a loan from a regulated entity, or accept

 

 

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1a gratuity from a regulated entity that is intended to
2influence the performance of official duties. However, in no
3case shall an employee of the Office of Banks and Real Estate
4participate in any manner in the examination or direct
5regulation of a regulated entity in which the employee owns
6shares of stock or holds any other equity interest, or which is
7servicing a loan to which the employee is an obligor.
8    (d) If the Commissioner, a deputy commissioner, or any
9employee of the Office of Banks and Real Estate properly
10obtains a loan or extension of credit from an entity that is
11not a regulated entity, and the loan or extension of credit is
12subsequently acquired by a regulated entity or the entity
13converts to become a regulated entity after the loan is made,
14such purchase by or conversion to a regulated entity shall not
15cause the loan or extension of credit to be deemed a violation
16of this Section.
17    Nothing in this Section shall be deemed to prevent the
18ownership of a checking account, a savings deposit account, a
19money market account, a certificate of deposit, a credit or
20debit card account, or shares in open-end investment companies
21registered with the Securities and Exchange Commission
22pursuant to the federal Investment Company Act of 1940 and the
23Securities Act of 1933 (commonly referred to as mutual or money
24market funds).
25    (e) No Commissioner, deputy commissioner, employee, or
26agent of the Office of Banks and Real Estate shall, either

 

 

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1during or after the holding of his or her term of office or
2employment, disclose confidential information concerning any
3regulated entity or person except as authorized by law or
4prescribed by rule. "Confidential information", as used in this
5Section, means any information that the person or officer
6obtained during his or her term of office or employment that is
7not available from the Office of Banks and Real Estate pursuant
8to a request under the Freedom of Information Act.
9(Source: P.A. 89-508, eff. 7-3-96.)
 
10    (20 ILCS 3205/5)  (from Ch. 17, par. 455)
11    Sec. 5. Powers. In addition to all the other powers and
12duties provided by law, the Commissioner shall have the
13following powers:
14    (a) To exercise the rights, powers and duties formerly
15vested by law in the Director of Financial Institutions under
16the Illinois Banking Act.
17    (b) To exercise the rights, powers and duties formerly
18vested by law in the Department of Financial Institutions under
19"An act to provide for and regulate the administration of
20trusts by trust companies", approved June 15, 1887, as amended.
21    (c) To exercise the rights, powers and duties formerly
22vested by law in the Director of Financial Institutions under
23"An act authorizing foreign corporations, including banks and
24national banking associations domiciled in other states, to act
25in a fiduciary capacity in this state upon certain conditions

 

 

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1herein set forth", approved July 13, 1953, as amended.
2    (c-5) To exercise all of the rights, powers, and duties
3granted to the Director or Secretary under the Illinois Banking
4Act, the Corporate Fiduciary Act, the Electronic Fund Transfer
5Act, the Illinois Bank Holding Company Act of 1957, the Savings
6Bank Act, the Illinois Savings and Loan Act of 1985, the
7Savings and Loan Share and Account Act, the Residential
8Mortgage License Act of 1987, and the Pawnbroker Regulation
9Act.
10    (c-10) To take any action necessary to protect depositors
11or consumers who may be affected by actions of regulated or
12unregulated entities whose conduct is deemed subject to the
13Illinois Banking Act, the Corporate Fiduciary Act, the
14Electronic Fund Transfer Act, the Illinois Bank Holding Company
15Act of 1957, the Savings Bank Act, the Illinois Savings and
16Loan Act of 1985, the Savings and Loan Share and Account Act,
17the Residential Mortgage License Act of 1987, or the Pawnbroker
18Regulation Act.
19    (c-15) To enter into cooperative agreements with other
20state or federal regulatory agencies to conduct and otherwise
21perform any examination of a regulated entity as authorized
22under the Illinois Banking Act, the Corporate Fiduciary Act,
23the Electronic Fund Transfer Act, the Illinois Bank Holding
24Company Act of 1957, the Savings Bank Act, the Illinois Savings
25and Loan Act of 1985, the Savings and Loan Share and Account
26Act, the Residential Mortgage License Act of 1987, and the

 

 

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1Pawnbroker Regulation Act.
2    (d) Whenever the Commissioner is authorized or required by
3law to consider or to make findings regarding the character of
4incorporators, directors, management personnel, or other
5relevant individuals under the Illinois Banking Act, the
6Corporate Fiduciary Act, the Pawnbroker Regulation Act, or at
7other times as the Commissioner deems necessary for the purpose
8of carrying out the Commissioner's statutory powers and
9responsibilities, the Commissioner shall consider criminal
10history record information, including nonconviction
11information, pursuant to the Criminal Identification Act. The
12Commissioner shall, in the form and manner required by the
13Department of State Police and the Federal Bureau of
14Investigation, cause to be conducted a criminal history record
15investigation to obtain information currently contained in the
16files of the Department of State Police or the Federal Bureau
17of Investigation, provided that the Commissioner need not cause
18additional criminal history record investigations to be
19conducted on individuals for whom the Commissioner, a federal
20bank regulatory agency, or any other government agency has
21caused such investigations to have been conducted previously
22unless such additional investigations are otherwise required
23by law or unless the Commissioner deems such additional
24investigations to be necessary for the purposes of carrying out
25the Commissioner's statutory powers and responsibilities. The
26Department of State Police shall provide, on the Commissioner's

 

 

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1request, information concerning criminal charges and their
2disposition currently on file with respect to a relevant
3individual. Information obtained as a result of an
4investigation under this Section shall be used in determining
5eligibility to be an incorporator, director, management
6personnel, or other relevant individual in relation to a
7financial institution or other entity supervised by the
8Commissioner. Upon request and payment of fees in conformance
9with the requirements of Section 2605-400 of the Department of
10State Police Law (20 ILCS 2605/2605-400), the Department of
11State Police is authorized to furnish, pursuant to positive
12identification, such information contained in State files as is
13necessary to fulfill the request.
14    (e) When issuing charters, permits, licenses, or other
15authorizations, the Commissioner may impose such terms and
16conditions on the issuance as he deems necessary or
17appropriate. Failure to abide by those terms and conditions may
18result in the revocation of the issuance, the imposition of
19corrective orders, or the imposition of civil money penalties.
20    (f) If the Commissioner has reasonable cause to believe
21that any entity that has not submitted an application for
22authorization or licensure is conducting any activity that
23would otherwise require authorization or licensure by the
24Commissioner, the Commissioner shall have the power to subpoena
25witnesses, to compel their attendance, to require the
26production of any relevant books, papers, accounts, and

 

 

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1documents, and to conduct an examination of the entity in order
2to determine whether the entity is subject to authorization or
3licensure by the Commissioner or the Division. If the Secretary
4determines that the entity is subject to authorization or
5licensure by the Secretary, then the Secretary shall have the
6power to issue orders against or take any other action,
7including initiating a receivership against the unauthorized
8or unlicensed entity.
9    (g) The Commissioner may, through the Attorney General,
10request the circuit court of any county to issue an injunction
11to restrain any person from violating the provisions of any Act
12administered by the Commissioner.
13    (h) Whenever the Commissioner is authorized to take any
14action or required by law to consider or make findings, the
15Commissioner may delegate or appoint, in writing, an officer or
16employee of the Division to take that action or make that
17finding.
18    (i) Whenever the Secretary determines that it is in the
19public's interest, he or she may publish any cease and desist
20order or other enforcement action issued by the Division.
21(Source: P.A. 96-1365, eff. 7-28-10.)
 
22    (20 ILCS 3205/6)  (from Ch. 17, par. 456)
23    Sec. 6. Duties. The Commissioner shall direct and supervise
24all the administrative and technical activities of the Office
25and shall:

 

 

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1    (a) Apply and carry out this Act and the law and all rules
2adopted in pursuance thereof.
3    (b) Appoint, subject to the provisions of the Personnel
4Code, such employees, experts, and special assistants as may be
5necessary to carry out effectively the provisions of this Act
6and, if the rate of compensation is not otherwise fixed by law,
7fix their compensation; but neither the Commissioner nor any
8deputy commissioner shall be subject to the Personnel Code.
9    (c) Serve as Chairman of the State Banking Board of
10Illinois.
11    (d) Serve as Chairman of the Board of Trustees of the
12Illinois Bank Examiners' Education Foundation.
13    (e) Issue guidelines in the form of rules or regulations
14which will prohibit discrimination by any State chartered bank
15against any individual, corporation, partnership, association
16or other entity because it appears in a so-called blacklist
17issued by any domestic or foreign corporate or governmental
18entity.
19    (f) Make an annual report to the Governor regarding the
20work of the Office as the Commissioner may consider desirable
21or as the Governor may request.
22    (g) Perform such other acts as may be requested by the
23State Banking Board of Illinois pursuant to its lawful powers
24and perform any other lawful act that the Commissioner
25considers to be necessary or desirable to carry out the
26purposes and provisions of this Act.

 

 

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1    (h) Adopt, in accordance with the Illinois Administrative
2Procedure Act, reasonable rules that the Commissioner deems
3necessary for the proper administration and enforcement of any
4Act the administration of which is vested in the Commissioner
5or the Office of Banks and Real Estate.
6    (i) Work in cooperation with the Director of Aging to
7encourage all financial institutions regulated by the Office to
8participate fully in the Department on Aging's financial
9exploitation of the elderly intervention program.
10    (j) Deposit all funds received, including civil penalties,
11pursuant to the Illinois Banking Act, the Corporate Fiduciary
12Act, the Illinois Bank Holding Company Act of 1957, the Check
13Printer and Check Number Act, and the Electronic Fund Transfer
14Act in the Bank and Trust Company Fund.
15(Source: P.A. 92-483, eff. 8-23-01; 93-786, eff. 7-21-04.)
 
16    Section 10. The State Finance Act is amended by adding
17Section 5.786 as follows:
 
18    (30 ILCS 105/5.786 new)
19    Sec. 5.786. The Savings Institutions Regulatory Fund.
 
20    Section 15. The Illinois Savings and Loan Act of 1985 is
21amended by changing Sections 1-10.01, 1A-8, 3-2, 3-7, 5-7,
226-2.1, 6-4, 6-5, 6-7, 6-8, 6-9, 6-10, 6-11, 6-15, 7-5, 7-19.1,
237-20, 7-21, 7-23, 7-24, 7-25, 7-26, and 7-27 and by adding

 

 

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1Sections 1-10.40, 6-16, and 7-19.2 as follows:
 
2    (205 ILCS 105/1-10.01)  (from Ch. 17, par. 3301-10.01)
3    Sec. 1-10.01. "Board": the Board of Savings Institutions,
4as described in Sections 7-20 through 7-22 7-26 of this Act.
5(Source: P.A. 89-508, eff. 7-3-96.)
 
6    (205 ILCS 105/1-10.40 new)
7    Sec. 1-10.40. Depository institution. "Depository
8institution", as used in this Act, means an insured depository
9institution as defined by Section 3(c)(2) of the Federal
10Deposit Insurance Act (12 U.S.C. 1813), as amended, or an
11insured credit union as defined by Section 101(7) of the
12Federal Credit Union Act (12 U.S.C. 1752(7)), as amended.
 
13    (205 ILCS 105/1A-8)  (from Ch. 17, par. 3301A-8)
14    Sec. 1A-8. (a) An association, including a mutual
15association operating under this Act, may reorganize so as to
16become a holding company by:
17    (1) chartering one or more subsidiary associations, the
18ownership of which shall be evidenced by stock shares, to be
19owned by the chartering parent association; and
20    (2) by transferring the substantial portion of its assets
21and all of its insured deposits and part or all of its other
22liabilities to one or more subsidiary associations.
23    (b) In order to effect reorganization under subsection (a),

 

 

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1the Board of Directors of the original association must approve
2a plan providing for such reorganization which shall be
3submitted for approval by a majority of the voting members of
4the association. Approval must occur at a meeting called by the
5Board of Directors and in accordance with the association's
6Articles of Incorporation and By-laws. The Secretary may
7Commissioner shall promulgate rules to regulate the formation
8of and the ongoing business of the subsidiaries and the holding
9company, including the rights of members, levels of investment
10in holding company subsidiaries and stock sales.
11(Source: P.A. 85-1143.)
 
12    (205 ILCS 105/3-2)  (from Ch. 17, par. 3303-2)
13    Sec. 3-2. Members' meetings.
14    (a) Each annual meeting of the members shall be held at the
15time specified in the by-laws; but the failure to hold an
16annual meeting at the time so specified shall not work a
17forfeiture or dissolution of the association. The board of
18directors, or the holders of not less than 20% of the
19outstanding permanent reserve shares or of the withdrawal value
20of all withdrawable capital of the association, or such other
21person or persons as may be designated by the by-laws, may call
22a special meeting of the members. Every annual or special
23meeting shall be held at the business office of the
24association, or, if the space therein available for such
25meeting is inadequate, in such other place within the same

 

 

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1county as shall be specifically designated in the notice of
2such meeting.
3    (b) Notice of an annual meeting shall be published once not
4less than 10 days nor more than 40 days before the date of the
5meeting and shall be posted in areas of public access at the
6place of business of the association in a manner that may to be
7prescribed by the Secretary Commissioner. Such notice shall be
8prominently and continuously displayed up to and including the
9day of the meeting beginning not less than 60 days immediately
10preceding the date of such meeting.
11    (c) However, for any special meeting, for any annual
12meeting which is to consider any proposition the affirmative
13action on which requires two-thirds vote as set forth in this
14Act, or for any proposition to amend the articles of
15incorporation of the association, the notice shall be by mail,
16post marked not less than 10 days or more than 40 days before
17the date of the meeting, and by posting at the association's
18place of business in a like manner as for an annual meeting,
19with such posting to commence on the date notice is given.
20Published or mailed notice shall state the place, day, hour and
21purpose of the meeting.
22    (d) A quorum at any meeting of the members shall consist of
23the members present in person or represented by proxy, who are
24entitled to cast a majority of the total number of votes which
25all members of the association are entitled to cast at such
26meeting; except that the articles of incorporation may specify

 

 

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1some other quorum requirement, but not less than one-third of
2such total number of votes. Any meeting, including one at which
3a quorum is not present, may be adjourned by majority vote to a
4specified date without further notice.
5    (e) Voting at a meeting may be either in person or by proxy
6executed in writing by the member or shareholder or by his duly
7authorized attorney-in-fact. No proxy shall be valid:
8        (1) Unless executed in an instrument separate from
9    other forms, documents or papers which pertain to any
10    matter of the association or a member's interest therein.
11    The form of such instrument may shall be prescribed by the
12    Secretary Commissioner, who shall give due regard to size,
13    color, appearance and distinctiveness;
14        (2) For any meeting at which the member who gave it is
15    present, provided that notice that the member will himself
16    exercise his voting rights is given in writing prior to the
17    taking of any vote to an official whom the association
18    shall at each meeting identify as having responsibility for
19    such matter and provided further that the validity and
20    duration of such proxy will be otherwise unimpaired;
21        (3) Unless the member giving the proxy is told by the
22    person to whom it is given, or his agent or representative,
23    that the proxy is optional and the voting rights it
24    represents can be exercised by the member himself; that if
25    it is given it can be cancelled at any time by giving
26    notice in writing at the association's office at least 5

 

 

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1    days prior to any meeting, and that meeting alone, at which
2    the member is present and has given written notification of
3    his intent to exercise his voting rights; the provisions of
4    this paragraph shall only be applicable to associations not
5    maintaining insurance of the association's withdrawable
6    capital;
7        (4) Unless the member giving the proxy is told by the
8    person to whom it is given, or his agent or representative,
9    the name of the individual who will exercise the proxy;
10    that the effect of the proxy will be to entitle the person
11    to whom it is given to use the vote or votes the proxy
12    represents as if it or they were that person's own vote or
13    votes; and that, if the proxy is given to someone
14    representing the management of the association, the effect
15    of the proxy will be to support the policies and procedures
16    of the association's management; the provisions of this
17    paragraph shall only be applicable to associations not
18    maintaining insurance of the association's withdrawable
19    capital; or
20        (5) After 11 months from the date of its execution,
21    unless otherwise provided in the proxy and unless the
22    member giving the proxy is notified in writing when it will
23    terminate.
24    (f) In the determination of all questions requiring
25ascertainment of the members entitled to vote and of the number
26of outstanding shares, the following rules shall apply:

 

 

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1        (1) The date of determination shall be as provided in
2    the Section of this Act concerning Record Date for Voting,
3    Dividend and Other Purposes;
4        (2) Each person holding one or more withdrawable share
5    accounts shall have the vote of one share for each $100 of
6    the aggregate withdrawal value of such accounts and shall
7    have the vote of one share for any fraction of $100;
8        (3) Each holder of permanent reserve shares shall have
9    one vote for each permanent reserve share which he holds;
10        (4) Each borrowing member as such shall have the vote
11    of one share in addition to any vote which he may have
12    otherwise;
13        (5) Shares owned by the association shall not be
14    counted or voted; and
15        (6) Notwithstanding anything contained in this Act to
16    the contrary, an association authorized to issue permanent
17    reserve shares may provide in the association's articles of
18    incorporation that voting rights shall be vested
19    exclusively in permanent reserve shareholders.
20(Source: P.A. 89-355, eff. 8-17-95.)
 
21    (205 ILCS 105/3-7)  (from Ch. 17, par. 3303-7)
22    Sec. 3-7. Bonds of officers and employees.
23    (a) Every person appointed or elected to any position
24requiring the receipt, payment, management or use of money
25belonging to an association, or whose duties permit him to have

 

 

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1access to or custody of any of its money or securities or whose
2duties permit him regularly to make entries in the books or
3other records of the association, before assuming his duties
4shall become bonded in some trust or company authorized to
5issue bonds in this state, or in a fidelity insurance company
6licensed to do business in this State. Each such bond shall be
7on a form or forms as the Secretary may Commissioner shall
8require and in such amount as the board of directors shall fix
9and approve. Each such bond, payable to the association, shall
10be an indemnity for any loss the association may sustain in
11money or other property through any dishonest or criminal act
12or omission by any person required to be bonded, committed
13either alone or in concert with others. Such bond shall be in
14the form and amount prescribed by the Secretary Commissioner,
15who may at any time require one or more additional bonds. Each
16bond shall provide that a cancellation thereof either by the
17surety or by the insured shall not become effective unless and
18until 30 days notice in writing first shall have been given to
19the Secretary Commissioner, unless he shall have approved such
20cancellation earlier.
21    (b) Nothing contained herein shall preclude the Secretary
22Commissioner from proceeding against an association as
23provided in this Act should he believe that it is being
24conducted in an unsafe manner in that the form or amount of
25bonds so fixed and approved by the board of directors is
26inadequate to give reasonable protection to the association.

 

 

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1(Source: P.A. 96-1365, eff. 7-28-10.)
 
2    (205 ILCS 105/5-7)  (from Ch. 17, par. 3305-7)
3    Sec. 5-7. Sale, assignment and servicing of loans and
4contracts.
5    (a) Any association may sell any loan or a participating
6interest in a loan at any time, in the usual and regular course
7of business. All loans sold shall be sold without recourse
8except as may otherwise be provided by regulations of the
9Secretary Commissioner. The Secretary Commissioner may, by
10regulation, adopt limitations upon the sale of loans. The
11provisions of this paragraph (a) do not apply to the sale of
12loans to agencies of the United States or the State of Illinois
13or such other government sponsored agencies as may be approved
14by the Secretary Commissioner.
15    (b) An association may contract to service a loan or a
16participating interest in a loan, but such a contract shall
17conform to any the pertinent regulations prescribed by the
18Secretary Commissioner and shall require sufficient
19compensation to reimburse the association for all expenses
20incurred under such contract.
21    (c) An association may sell and assign without recourse any
22master's certificate of sale, defaulted loan or defaulted real
23estate contract to any person eligible to purchase the same,
24for an amount not less than the fair cash market value thereof.
25(Source: P.A. 84-543.)
 

 

 

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1    (205 ILCS 105/6-2.1)  (from Ch. 17, par. 3306-2.1)
2    Sec. 6-2.1. Procedure to amend articles of incorporation
3for name change.
4    (a) Notwithstanding the requirements of Section 6-2 of this
5Act, an association, after commencing business, may amend its
6articles of incorporation Notwithstanding any provision of
7this Act to the contrary, the Commissioner may waive the
8requirements of Section 6-2 if the proposed amendment is solely
9for purposes of changing the name of the association, and upon
10satisfactory completion of the following requirements:
11        (1) Submission by the board of directors of a certified
12    resolution approving the proposed name change and
13    approving a plan for notifying all parties who may be
14    affected by the change, including, but not limited to,
15    members, accountholders, borrowers, creditors, and parties
16    to whom or with whom commitments of any type are pending
17    name change by unanimous vote of all members of the board.
18        (2) The new name, as determined by the Secretary, meets
19    the requirements for names under this Act or rules adopted
20    by the Secretary. Submission by the board of an attorney's
21    opinion that the proposed name is not the same as the name
22    of any other financial institution in Illinois.
23    Upon satisfactory completion of these requirements, the
24    Secretary shall issue an approved amendment to the articles
25    of incorporation as provided for in subsection (d) of

 

 

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1    Section 6-2 of this Act.
2        (3) Submission of a detailed statement to the
3    Commissioner by the board of directors stating the grounds
4    for their belief that a vote of members would be
5    detrimental to the association's safety and soundness.
6        (4) Submission of a plan for notifying all parties who
7    would be affected by the change, including a list of
8    creditors, and parties to whom or with whom, commitments of
9    any type may be pending.
10        (5) Satisfactory evidence that the name change is not
11    for fraudulent, illegal or misleading purposes.
12    Upon receipt of the above items the Commissioner shall
13    issue an approved amendment to the articles of
14    incorporation as provided for in subsection (d) of Section
15    6-2 of this Act.
16    (b) No amendment of the articles of incorporation to change
17the name of an association shall affect any existing cause of
18action either in favor of or against the association, or any
19pending action in which the association shall be a party, nor
20shall it affect the existing rights of persons other than
21members of the association. No action brought by or against the
22association under its former name shall be abated by reason of
23the change.
24(Source: P.A. 86-137.)
 
25    (205 ILCS 105/6-4)  (from Ch. 17, par. 3306-4)

 

 

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1    Sec. 6-4. Merger; Adoption of plan. Any depository
2institution may merge into an association operating under this
3Act; any association operating under this Act may merge into a
4depository institution. Any 2 or more associations operating
5under this Act or under Federal charter and located in this
6State, or duly authorized to do business in this State, may
7merge into one association operating under this Act. Any
8association operating under this Act that does not meet its net
9worth requirements, as defined by regulations of the
10Commissioner, and any federal association may merge into one
11association operating under this Act or under federal charter
12and located in this State. Any association operating under this
13Act and an eligible insured bank may merge into an association
14operating under this Act, provided that an association
15operating under this Act must result from the merger. Any
16association operating under this Act may merge into a State or
17national bank with a bank resulting from the merger. The board
18of directors of the merging association or depository
19institution, State or national bank, or eligible insured bank,
20by resolution adopted by a majority vote of all members of the
21board, must approve the plan of merger, which shall set forth:
22    (a) The name of each of the merging associations or
23depository institutions , State or national bank, or eligible
24insured bank and the name of the continuing association or
25depository institution bank and the location of its business
26office;

 

 

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1    (b) The amount of capital, reserves, and undivided profits
2of the continuing association or depository institution bank
3and the kinds of shares and other types of capital to be issued
4thereby;
5    (c) The articles of incorporation of the continuing
6association or charter of the continuing depository
7institution bank;
8    (d) A detailed pro forma financial Statement of the assets
9and liabilities of the continuing association or depository
10institution bank;
11    (e) The manner and basis of converting the capital of each
12merging association or depository institution , State or
13national bank or eligible insured bank into capital of the
14continuing association or depository institution bank;
15    (f) The other terms and conditions of the merger and the
16method of effectuating it; and
17    (g) Other provisions with respect to the merger that appear
18necessary or desirable or that the Secretary Commissioner may
19reasonably require to enable him to discharge his duties with
20respect to the merger.
21    (h) The Secretary Commissioner may promulgate rules to
22implement this Section.
23(Source: P.A. 86-952; 87-1226.)
 
24    (205 ILCS 105/6-5)  (from Ch. 17, par. 3306-5)
25    Sec. 6-5. Merger; approval by Secretary Commissioner.

 

 

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1    (a) The plan of merger adopted as authorized by Section
26-4, except when the merger results in a State or national
3bank, shall be submitted to the Secretary Commissioner for
4approval, together with a certified copy of the authorizing
5resolution of each board of directors, showing approval by a
6majority of the entire board of each merging association or
7eligible insured bank operating under this Act or merging
8federal association.
9    (b) The Secretary Commissioner may make or cause to be made
10an examination of the affairs of each of the merging
11associations or depository institutions under the Secretary's
12authority eligible insured bank.
13    (c) The Secretary Commissioner may approve the plan of
14merger, or if the Secretary Commissioner disapproves the plan
15of merger, he shall state State his objections in writing and
16give the merging associations or depository institution
17eligible insured bank an opportunity to amend the plan of
18merger to address obviate the objections. The Secretary
19Commissioner may require that the plan of merger be submitted
20to the members of the merging association for approval. Each
21meeting of the members of an association operating under this
22Act shall be called and held in accordance with Section 3-2 of
23this Act. The plan is approved by the members of an association
24if it receives the affirmative vote of two-thirds or more of
25the total votes that the members of the association are
26entitled to cast.

 

 

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1(Source: P.A. 86-952; 87-1226.)
 
2    (205 ILCS 105/6-7)  (from Ch. 17, par. 3306-7)
3    Sec. 6-7. Merger - Secretary's Commissioner's certificate;
4effective date.
5    (a) If the plan of merger is approved, the Secretary
6Commissioner thereupon shall issue to the continuing
7association a certificate of merger, setting forth the name of
8each merging association or depository institution eligible
9insured bank and the name of the continuing association, and
10the articles of incorporation of the continuing association;
11and attaching thereto, as a part thereof, a copy of the
12resolution of the directors of each merging association or
13depository institution eligible insured bank and a copy of the
14report of proceedings of the members' meeting, if required
15under paragraph (c) of Section 6-5 of this Act.
16    (b) The merger takes effect upon the recording of the
17certificate of merger in the same manner as articles of
18incorporation, in each county in which the business office of
19any of the merging associations or depository institution
20eligible insured bank was located, and in the county in which
21the business office of the continuing association is located.
22    (c) When duly recorded, the certificate of merger is
23conclusive evidence, except against the State, of the merger
24and of the correctness and validity of all proceedings in
25connection with the merger.

 

 

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1(Source: P.A. 86-952.)
 
2    (205 ILCS 105/6-8)  (from Ch. 17, par. 3306-8)
3    Sec. 6-8. Merger; Secretary's Commissioner's expenses. The
4expenses of any examination made by or at the direction of the
5Secretary Commissioner in connection with a proposed merger
6shall be paid by the continuing associations or depository
7institutions under the Secretary's authority resulting bank.
8(Source: P.A. 86-952; 87-1226.)
 
9    (205 ILCS 105/6-9)  (from Ch. 17, par. 3306-9)
10    Sec. 6-9. Effect of merger.
11    (a) The continuing association or depository institution
12resulting bank shall be considered the same business and
13corporate entity as each merging association, with all of the
14property, rights, powers, duties and obligations of each
15merging association, except as otherwise provided by the
16articles of incorporation of the continuing association or
17depository institution resulting bank.
18    (b) All liabilities of each of the merging association or
19depository institution associations, resulting bank, or
20eligible insured bank shall be liabilities of the continuing
21association or resulting bank; and all of the rights,
22franchises, and interests of each of the merging associations
23or eligible insured bank in and to every kind of property,
24real, personal or mixed, shall vest automatically in the

 

 

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1continuing association or depository institution resulting
2bank, without any deed or other transfer.
3    (c) Any reference to a merging association or depository
4institution , resulting bank, or eligible insured bank in any
5writing, whether executed or effective before or after the
6merger, shall be deemed a reference to the continuing
7association or depository institution resulting bank, if not
8inconsistent with the other provisions of such writing.
9    (d) No pending action or other judicial proceeding to which
10any merging association or depository institution , resulting
11bank, or eligible insured bank is a party shall be abated or
12dismissed by reason of the merger, but shall be prosecuted to
13final judgment in the same manner as if the merger had not
14occurred.
15    (e) (Blank). With respect to a merger with an eligible
16insured bank, an association operating under this Act must
17result from the merger, and provided further that the
18association must conform all assets acquired or liabilities
19incurred as the result of the merger to the legal requirements
20for assets acquired, held, or invested or liabilities assumed
21or incurred by an association operating under this Act and that
22the continuing association shall conform all of its activities
23to those activities in which an association operating under
24this Act is authorized to engage.
25(Source: P.A. 86-952; 87-1226.)
 

 

 

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1    (205 ILCS 105/6-10)  (from Ch. 17, par. 3306-10)
2    Sec. 6-10. Sale of assets.
3    (a) An association, in one transaction not in the usual and
4regular course of its business, may sell all or substantially
5all of its assets, with or without its name and goodwill, to
6another association or depository institution to a Federal
7association, in consideration of money, capital or obligations
8of the purchasing association or depository institution. An
9association may sell any office or facility and equipment in
10conformity with regulations of the Secretary Commissioner.
11    (b) Emergency sale of assets. With the approval in writing
12of the Secretary Commissioner, which approval shall state that
13the proposed sale is, in his opinion, necessary for the
14protection of the depositors and other creditors, any
15association that is an eligible depository institution as
16defined in Section 2 of the Illinois Banking Act may by a vote
17of a majority of its board of directors, and without a vote of
18its members or permanent reserve shareholders, sell all or any
19part of its assets to another association or depository
20institution State or Federally chartered association or to a
21bank as defined in Section 2 of the Illinois Banking Act or to
22the Federal Deposit Insurance Corporation, or to both a State
23or Federally chartered association or bank and the Federal
24Deposit Insurance Corporation, provided that the purchasing a
25State or Federally chartered association or depository
26institution bank assumes in writing all of the liabilities of

 

 

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1the selling association and that any such sale to a bank shall
2be by an eligible depository institution as defined in Section
32 of the Illinois Banking Act.
4    (c) Notwithstanding any other provision of this Act, an
5association may sell to an association or depository
6institution any bank, as defined in Section 2 of the Illinois
7Banking Act, an insubstantial portion of its total deposits.
8For the purpose of this subsection, an insubstantial portion of
9its total deposits shall have the same meaning as provided in
10Section 5(d)(2)(D) of the Federal Deposit Insurance Act. Such
11sale of an insubstantial portion of an association's deposits
12may be by vote of a majority of the board of directors, and
13with approval of the Secretary Commissioner without a vote of
14its members or permanent reserve shareholders.
15(Source: P.A. 86-952.)
 
16    (205 ILCS 105/6-11)  (from Ch. 17, par. 3306-11)
17    Sec. 6-11. Procedure to effect sale of all assets. The
18procedure to effect a sale authorized by subsection (a) of
19Section 6-10 shall be as follows:
20    (a) The board of directors shall adopt a resolution setting
21forth the terms of the proposed sale and shall submit the plan
22to the Secretary Commissioner for his preliminary approval.
23Upon receipt of approval by the Secretary Commissioner, the
24plan shall be submitted to a vote at a meeting of the members,
25which may be an annual or special meeting;

 

 

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1    (b) The terms shall be set forth in the notice of meeting
2mailed as prescribed in Section 3-2 of this Act;
3    (c) The proposed sale will be approved by the members upon
4receiving in the affirmative 2/3 or more of the total number of
5votes which all members of the association are entitled to
6cast. A proposal for the voluntary liquidation of the
7association shall be submitted to the members at the same
8meeting or at any adjournment thereof, or at any later meeting
9called for such purpose, in accordance with Article 9 of this
10Act. A report of proceedings, certified by the president or a
11vice-president and attested by the secretary, and setting forth
12the terms of the proposed sale, the notice given and time of
13mailing thereof, the vote on the proposal, and the total number
14of votes which all members of the association were entitled to
15cast thereon, shall be filed with the Secretary Commissioner;
16    (d) If the Secretary Commissioner finds that the proposed
17sale is fair to all holders of capital, creditors and other
18persons concerned, and provision has been made for the
19disposition of the remaining assets, if any, of the association
20as provided in this Act for reorganization or voluntary
21liquidation, then he shall issue to the association a
22certificate of authorization for such sale, attaching thereto,
23as a part thereof, a copy of the report of proceedings filed as
24aforesaid;
25    (e) Upon recording the Secretary's Commissioner's
26certificate in the same manner as the association's articles of

 

 

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1incorporation, the association may complete the sale so
2authorized; except that an insured association first shall
3obtain the approval of the insurance corporation;
4    (f) If the sale includes the name of the association, the
5purchasing institution association shall have the exclusive
6right to such name for a period of 5 years; and
7    (g) If the association has failed to adopt a plan of
8voluntary liquidation, the Secretary Commissioner may proceed
9against such association as provided in Article 10 of this Act.
10(Source: P.A. 86-952.)
 
11    (205 ILCS 105/6-15)  (from Ch. 17, par. 3306-15)
12    Sec. 6-15. Emergency merger. With the prior approval of the
13Secretary Commissioner, which approval shall state that the
14proposed merger is in his opinion necessary for the protection
15of the depositors and other creditors, any association that is
16an eligible depository institution as defined in Section 2 of
17the Illinois Banking Act, may by a vote of a majority of its
18board of directors and without a vote of its members or
19permanent reserve shareholders merge with an association or
20depository institution, federal association, or bank as
21defined in Section 2 of the Illinois Banking Act, with such
22other association or depository institution , federal
23association, or bank being the resulting or continuing
24association or depository institution , federal association or
25bank.

 

 

SB2076- 31 -LRB097 10191 CEL 50384 b

1(Source: P.A. 86-952.)
 
2    (205 ILCS 105/6-16 new)
3    Sec. 6-16. Waiver of requirements. With respect to
4applicable law requiring reciprocity, no requirement of the
5Secretary or member approval in this Article 6 is effective if
6the approval requirement prevents a depository institution
7that is not an association from converting to, merging into, or
8selling substantially all of its assets to, as otherwise
9permitted, an association.
 
10    (205 ILCS 105/7-5)  (from Ch. 17, par. 3307-5)
11    Sec. 7-5. Examination.
12    (a) The Secretary Commissioner, at least once every 18
13months, but more often if he deems it necessary or expedient,
14with or without previous notice, shall cause an examination to
15be made of the affairs of every association, including any
16holding company and subsidiary thereof. If an association or
17holding company has not been audited at least once in the
18preceding 12 months in accordance with this Act, the
19examination shall include an audit by licensed public
20accountants employed or appointed by the Secretary
21Commissioner. Such examination shall be made by competent
22examiners appointed for that purpose who are not officers or
23agents of, or in any manner interested in, any association or
24holding company which they examine, except that they may be

 

 

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1holders of withdrawable capital. Notwithstanding any other
2provision of this Act, every eligible association, as defined
3by regulation, or, if not so defined, to an equivalent extent
4as would be permitted in the case of a State bank, the
5Secretary, in lieu of the examination, may accept on an
6alternating basis the examination made by the appropriate
7federal banking regulator, or its successor, pursuant to the
8federal Home Owners' Loan Act, provided the appropriate federal
9banking regulator, or its successor, has made an examination.
10    (b) The officers, agents or directors of any such
11association or holding company shall cause the books of the
12association or holding company to be opened for inspection by
13the Secretary Commissioner or his examiners and otherwise
14assist in such examination when requested; and for the purpose
15of examination, the examiner in charge thereof shall have power
16to administer oaths and to examine under oath any officers,
17employees, agents or directors of such association or holding
18company and such other witnesses as he deems necessary relative
19to the business of the association or holding company.
20    (c) The Secretary Commissioner shall make a report of each
21examination to the board of directors of the association or
22holding company examined, which report shall be read by each
23director, who will then execute a signed statement affidavit to
24be filed and preserved by the association or holding company
25acknowledging that he has read the Secretary's Commissioner's
26report. If the affairs of the association or holding company

 

 

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1are not being conducted in accordance with this Act, the
2Secretary Commissioner shall require the directors, officers
3or employees to take any necessary corrective action. If the
4necessary corrective action is not made, the Secretary
5Commissioner may issue a formal order to the directors of the
6association or holding company delivered either personally or
7by registered or certified mail, specifying a date which may be
8immediate or may be at a later date for the performance by the
9association or holding company of the corrective action. Such
10order or any part thereof shall be subject to Sections 7-24
11through 7-27 of this Act. If the formal order of the Secretary
12Commissioner in whole or in part contains a finding that the
13business of the association or holding company is being
14conducted in a fraudulent, illegal or unsafe manner, or that
15the violation thereof or the continuance by the association or
16holding company of the practice to be corrected could cause
17insolvency or substantial dissipation of assets or earnings or
18the impairment of its capital, such order or part thereof shall
19be complied with promptly on and after the effective date
20thereof until modified or withdrawn by the Secretary
21Commissioner, the Board, or modified or terminated by a circuit
22court. The Secretary Commissioner may apply to the circuit
23court of the county in which the association or holding company
24is located for enforcement of any such order requiring prompt
25compliance. If no hearing has been requested within the time
26specified by this Act, the Secretary Commissioner may, at any

 

 

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1time within 90 days after the effective date of the order,
2institute suit in the Circuit Court of Sangamon County or the
3circuit court of the county in which the association or holding
4company is located to compel the directors, officers or
5employees to make the required corrective action. Such court
6shall, after due process of law, adjudicate the question and
7enter the proper order or orders and enforce them. In the
8interests of the members of the association or holding company,
9the Commissioner may prepare a statement of the condition of
10the association or holding company and may mail the statement
11to the members or may require a single publication thereof.
12(Source: P.A. 96-1365, eff. 7-28-10.)
 
13    (205 ILCS 105/7-19.1)  (from Ch. 17, par. 3307-19.1)
14    Sec. 7-19.1. Savings and Residential Finance Regulatory
15Fund.
16    (a) Until the effective date of this amendatory Act of the
1797th General Assembly, the The aggregate of all moneys fees
18collected by the Secretary under this Act shall be paid
19promptly after receipt of the same, accompanied by a detailed
20statement thereof, into the State treasury and shall be set
21apart in the Savings and Residential Finance Regulatory Fund, a
22special fund hereby created in the State treasury. The amounts
23deposited into the Fund shall be used for the ordinary and
24contingent expenses of the Department of Financial and
25Professional Regulation and the Division of Banking, or their

 

 

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1successors, in administering and enforcing the Illinois
2Savings and Loan Act of 1985, the Savings Bank Act, and the
3Residential Mortgage License Act of 1987 and other laws, rules,
4and regulations as may apply to the administration and
5enforcement of the foregoing laws, rules, and regulations as
6amended from time to time. Nothing in this Act shall prevent
7continuing the practice of paying expenses involving salaries,
8retirement, social security, and State-paid insurance of State
9officers by appropriation from the General Revenue Fund.
10    (b) Except as otherwise provided in subsection (b-5),
11moneys in the Savings and Residential Finance Regulatory Fund
12may not be appropriated, assigned, or transferred to another
13State fund. The moneys in the Fund shall be for the sole
14benefit of the institutions assessed.
15    (b-5) Moneys in the Savings and Residential Finance
16Regulatory Fund may be transferred to the Professions Indirect
17Cost Fund, as authorized under Section 2105-300 of the
18Department of Professional Regulation Law of the Civil
19Administrative Code of Illinois.
20    (b-10) Notwithstanding provisions in the State Finance
21Act, as now or hereafter amended, or any other law to the
22contrary, the sum of $27,481,638 shall be transferred from the
23Savings and Residential Finance Regulatory Fund to the
24Financial Institutions Settlement of 2008 Fund on the effective
25date of this amendatory Act of the 95th General Assembly, or as
26soon thereafter as practical.

 

 

SB2076- 36 -LRB097 10191 CEL 50384 b

1    Notwithstanding provisions in the State Finance Act, as now
2or hereafter amended, or any other law to the contrary, the
3Governor may, during any fiscal year through January 10, 2011,
4from time to time direct the State Treasurer and Comptroller to
5transfer a specified sum not exceeding 10% of the revenues to
6be deposited into the Savings and Residential Finance
7Regulatory Fund during that fiscal year from that Fund to the
8General Revenue Fund in order to help defray the State's
9operating costs for the fiscal year. Notwithstanding
10provisions in the State Finance Act, as now or hereafter
11amended, or any other law to the contrary, the total sum
12transferred during any fiscal year through January 10, 2011,
13from the Savings and Residential Finance Regulatory Fund to the
14General Revenue Fund pursuant to this provision shall not
15exceed during any fiscal year 10% of the revenues to be
16deposited into the Savings and Residential Finance Regulatory
17Fund during that fiscal year. The State Treasurer and
18Comptroller shall transfer the amounts designated under this
19Section as soon as may be practicable after receiving the
20direction to transfer from the Governor.
21    (c) All earnings received from investments of funds in the
22Savings and Residential Finance Regulatory Fund shall be
23deposited into the Savings and Residential Finance Regulatory
24Fund and may be used for the same purposes as fees deposited
25into that Fund.
26    (d) When the balance in the Savings and Residential Finance

 

 

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1Regulatory Fund at the end of a fiscal year apportioned to the
2fees collected under the Illinois Savings and Loan Act of 1985
3and the Savings Bank Act exceeds 25% of the total actual
4administrative and operational expenses incurred by the State
5for that fiscal year in administering and enforcing the
6Illinois Savings and Loan Act of 1985 and the Savings Bank Act
7and such other laws, rules, and regulations as may apply to the
8administration and enforcement of the foregoing laws, rules,
9and regulations, the excess shall be credited to the
10appropriate institutions and entities and applied against
11their regulatory fees for the subsequent fiscal year. The
12amount credited to each institution or entity shall be in the
13same proportion that the regulatory fees paid by the
14institution or entity for the fiscal year in which the excess
15is produced bear to the aggregate amount of all fees collected
16by the Secretary under the Illinois Savings and Loan Act of
171985 and the Savings Bank Act for the same fiscal year. For the
18purpose of this Section, "fiscal year" means the period
19beginning July 1 of any year and ending June 30 of the next
20calendar year.
21(Source: P.A. 94-91, eff. 7-1-05; 95-1047, eff. 4-6-09.)
 
22    (205 ILCS 105/7-19.2 new)
23    Sec. 7-19.2. Savings Institutions Regulatory Fund.
24    (a) On or after the effective date of this amendatory Act
25of the 97th General Assembly, the aggregate of all moneys

 

 

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1collected by the Secretary under this Act shall be paid
2promptly after receipt of the same, accompanied by a detailed
3statement thereof, into the State treasury and shall be set
4apart in the Savings Institutions Regulatory Fund, a special
5fund created in the State treasury. The amounts deposited into
6the Fund shall be used for the ordinary and contingent expenses
7of the Department of Financial and Professional Regulation and
8the Division of Banking, or their successors, in administering
9and enforcing the Illinois Savings and Loan Act of 1985, the
10Savings Bank Act, and other laws, rules, and regulations as may
11apply to the administration and enforcement of the foregoing
12laws, rules, and regulations, as amended from time to time.
13Nothing in this Act shall prevent continuing the practice of
14paying expenses involving salaries, retirement, social
15security, and State-paid insurance of State officers by
16appropriation from the General Revenue Fund.
17    (b) Except as otherwise provided in subsection (b-5),
18moneys in the Savings Institutions Regulatory Fund may not be
19appropriated, assigned, or transferred to another State fund.
20The moneys in the Fund shall be for the sole benefit of the
21institutions assessed.
22    (b-5) Moneys in the Savings Institution Regulatory Fund may
23be transferred to the Professions Indirect Cost Fund, as
24authorized under Section 2105-300 of the Department of
25Professional Regulation Law of the Civil Administrative Code of
26Illinois.

 

 

SB2076- 39 -LRB097 10191 CEL 50384 b

1    (c) All earnings received from investments of funds in the
2Savings Institutions Regulatory Fund shall be deposited into
3that Fund and may be used for the same purposes as fees
4deposited into that Fund.
5    (d) When the balance in the Savings Institutions Regulatory
6Fund at the end of a fiscal year exceeds 25% of the total
7actual administrative and operational expenses incurred by the
8State for that fiscal year in administering and enforcing the
9Illinois Savings and Loan Act of 1985 and the Savings Bank Act
10and such other laws, rules, and regulations as may apply to the
11administration and enforcement of the foregoing laws, rules,
12and regulations, the excess shall be credited to the
13appropriate institutions and entities and applied against
14their regulatory fees for the subsequent fiscal year. The
15amount credited to each institution or entity shall be in the
16same proportion that the regulatory fees paid by the
17institution or entity for the fiscal year in which the excess
18is produced bear to the aggregate amount of all fees collected
19by the Secretary under the Illinois Savings and Loan Act of
201985 and the Savings Bank Act for the same fiscal year. For the
21purpose of this Section, "fiscal year" means the period
22beginning July 1 of any year and ending June 30 of the next
23calendar year.
24    (e) Moneys in the Savings and Residential Finance
25Regulatory Fund apportioned to the moneys collected under the
26Illinois Savings and Loan Act of 1985 and the Savings Bank Act

 

 

SB2076- 40 -LRB097 10191 CEL 50384 b

1shall be transferred to the Savings Institutions Regulatory
2Fund upon creation of the Savings Institutions Regulatory Fund.
3Any amount used or borrowed from the moneys apportioned to the
4moneys collected under the Illinois Savings and Loan Act of
51985 and the Savings Bank Act that would have been required to
6be returned to that apportionment shall be instead paid into
7the Savings Institutions Regulatory Fund in the same manner.
 
8    (205 ILCS 105/7-20)  (from Ch. 17, par. 3307-20)
9    Sec. 7-20. Board of Savings Institutions; appointment. The
10Savings and Loan Board is hereby redesignated the Board of
11Savings Institutions. The Board shall be composed of the
12Director of Banking, who shall be its chairman and have power
13to vote, and 7 additional persons appointed by the Governor.
14Four of the 7 persons appointed by the Governor shall represent
15the public interest. Three of the 7 additional persons
16appointed by the Governor shall have been engaged actively in
17savings and loan or savings bank management in this State for
18at least 5 years immediately prior to appointment. Each member
19of the Board appointed by the Governor shall be reimbursed for
20ordinary and necessary expenses incurred in attending the
21meetings of the Board. The members of the Board serving
22immediately before the effective date of this amendatory Act of
231996 shall continue to serve for the balance of their
24respective terms. Members shall be appointed for 4-year terms
25to expire on the third Monday in January. Except as otherwise

 

 

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1provided in this Section, members of the Board shall serve
2until their respective successors are appointed and qualified.
3A member who tenders a written resignation shall serve only
4until the resignation is accepted by the Chairman. A member who
5fails to attend 3 consecutive Board meetings without an excused
6absence shall no longer serve as a member. The Governor shall
7fill any vacancy by the appointment of a member for the
8unexpired term in the same manner as in the making of original
9appointments.
10(Source: P.A. 96-1365, eff. 7-28-10.)
 
11    (205 ILCS 105/7-21)  (from Ch. 17, par. 3307-21)
12    Sec. 7-21. Board of Savings Institutions; organization and
13meetings. The Board shall elect a chairman, vice-chairman and
14secretary; shall adopt regulations for the holding and
15conducting of meetings and for holding hearings concerning all
16matters within its powers; and shall keep a record of all
17meetings and transactions and make such other provisions for
18the daily conduct of its business as it deems necessary. A
19majority of the members of the Board, excluding those members
20who are no longer serving as members as provided in Section
217-20, shall constitute a quorum. The act of the majority of the
22members of the Board present at a meeting at which a quorum is
23present shall be the act of the Board. Regular meetings shall
24be held as provided in the regulations, and special meetings
25may be called by the Chairman or upon the request of any 3

 

 

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1members of the Board or the Secretary Commissioner. The Board
2shall maintain at the office of the Secretary Commissioner
3permanent records of its meetings, hearings and decisions. The
4Secretary Commissioner shall provide adequate quarters and
5personnel for use by the Board.
6(Source: P.A. 89-508, eff. 7-3-96.)
 
7    (205 ILCS 105/7-23)  (from Ch. 17, par. 3307-23)
8    Sec. 7-23. Proceedings on objections to Secretary's
9Commissioner's action. Except as provided in Article 10 and as
10otherwise specifically provided by this Act, any Any person
11aggrieved by any decision, order, or action of the Secretary
12Commissioner, except one under paragraph (b) of Section 1-9,
13Section 2-3, paragraph (j) of Section 3-4, or Section 7-9 of
14this Act, or under Section 1006(b), Section 3005, or Section
159012 of the Savings Bank Act, or involving a change of location
16of an office or the establishment of an additional office under
17this the Savings Bank Act, may receive a hearing as provided in
18Sections 7-24 through 7-27 of this Act.
19(Source: P.A. 93-271, eff. 7-22-03.)
 
20    (205 ILCS 105/7-24)  (from Ch. 17, par. 3307-24)
21    Sec. 7-24. The Secretary Board shall upon the verified
22complaint in writing of any aggrieved person setting forth
23facts which if proved would constitute grounds for reversal or
24change of any decision, order or action of the Secretary

 

 

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1Commissioner, except as provided in Section 7-23 of this Act,
2grant a hearing thereon. If the aggrieved person party desires
3such a hearing, he or she shall, within 10 days of receipt of
4notice of such decision, order or action, file written notice
5with the Secretary Board of intent to demand a hearing and
6shall, within 30 days of receipt of notice of such decision,
7order or action, file his or her verified complaint in writing.
8The date of such hearing may not be earlier than 15 days nor
9later than 30 days after the date of receipt of verified
10complaint in writing. The Secretary Board shall, at least 10
11days prior to the date set for the hearing, notify in writing
12the person aggrieved adversely affected by such decision, order
13or action, referred to in this Section as the respondent, and
14all other parties to the action, that a hearing will be held on
15the date designated and shall afford the respondent and all
16other parties to the action an opportunity to be heard in
17person or by counsel in reference thereto. Such written notice
18may be served by delivery of the same personally to the
19respondent and all other parties to the action, or by mailing
20the notice by registered or certified mail to the place of
21business last theretofore specified by the respondent and all
22other parties to the action in the last notification to the
23Secretary Board. At the time and place fixed in the notice, the
24Secretary Board or its authorized agent, referred to in this
25Section as the hearing officer, shall proceed to hear the
26charges, and both the respondent and all other parties to the

 

 

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1action and the complainant shall be accorded ample opportunity
2to present in person or by counsel such statements, testimony,
3evidence and argument as may be pertinent to the issues. The
4hearing officer may continue such hearing from time to time.
5    The hearing officer may subpoena any person in this State
6and may take testimony either orally or by deposition or by
7exhibit, with the same fees and mileage and in the same manner
8as prescribed by law in judicial proceedings in civil cases in
9circuit courts of this State.
10    The hearing officer may administer oaths to witnesses at
11any hearing which the hearing officer is authorized by law to
12conduct.
13    After the hearing, the Secretary Board shall make a
14determination approving, modifying or disapproving the
15decision, order or action of the Secretary Commissioner as his
16or her its final administrative decision.
17(Source: P.A. 84-543.)
 
18    (205 ILCS 105/7-25)  (from Ch. 17, par. 3307-25)
19    Sec. 7-25. Record of Board proceedings; expenses. The
20Secretary Board, at his or her its expense, unless otherwise
21provided in this Act or the Savings Bank Act, shall provide a
22stenographer to take down the testimony and preserve a record
23of all proceedings at the hearing. The notice of hearing,
24complaint and all other documents in the nature of pleadings
25and written motions filed in the proceedings, the transcript of

 

 

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1testimony, the report of the hearing officer and orders of the
2Secretary Board shall be the record of such proceedings. The
3Secretary Board shall furnish a transcript of such record to
4any person interested in such hearing upon payment of the
5actual cost thereof.
6    A copy of the hearing officer's report and the Secretary's
7Board's orders shall be served upon the respondent and all
8other parties to the action by the Secretary Board, either
9personally or by registered or certified mail as provided in
10this Act for the service of the notice of hearing. All expenses
11incurred by the Secretary Board, including the compensation of
12the hearing officer, shall be paid by the parties to the
13hearing and shall be divided among them in equal shares.
14(Source: P.A. 89-508, eff. 7-3-96.)
 
15    (205 ILCS 105/7-26)  (from Ch. 17, par. 3307-26)
16    Sec. 7-26. Subpoena; deposition. All subpoenas issued
17under the laws of this State pertaining to savings and loan
18associations or savings banks may be served by any person who
19is not a minor. The fees of witnesses for attendance and travel
20shall be the same as fees of witnesses before the circuit
21courts of this State, such fees to be paid at the time the
22witness is excused from further attendance, when the witness is
23subpoenaed at the instance of the Board or the Secretary
24Commissioner or any officer or any employee designated by him,
25her or it for the purpose of conducting any such investigation,

 

 

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1inquiry or hearing; and the disbursements made in the payment
2of such fees shall be audited and paid in the same manner as
3are other expenses of the Secretary Board or Commissioner.
4Whenever a subpoena is issued at the instance of a complainant,
5respondent or other party to any proceeding, the Secretary
6Board may require that the cost of service thereof and the fee
7of the same shall be borne by the party at whose instance the
8witness is summoned, and the Secretary Board or Commissioner
9shall have power, in his, her or its discretion, to require a
10deposit to cover the cost of such service and witness fees and
11the payment of legal witness fees and mileage to the witness
12when served with subpoena. A subpoena issued under this Section
13shall be served in the same manner as a subpoena issued out of
14a court.
15    Any person who shall be served with a subpoena to appear
16and testify, or to produce books, papers, accounts or
17documents, either in person or by deposition, in the manner
18provided in this Section, issued by the Secretary Board or
19Commissioner or by any officer, or any employee designated by
20him, her or it to conduct any such investigation, inquiry or
21hearing, in the course of an investigation, inquiry or hearing
22conducted under any of the provisions of the laws of this State
23pertaining to savings and loan associations or savings banks,
24and who shall refuse or neglect to appear or to testify, or to
25produce books, papers, accounts and documents relative to such
26investigation, inquiry or hearing as commanded in such

 

 

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1subpoena, shall be guilty of a petty offense.
2    Any circuit court of this State, upon application of the
3Secretary Board or Commissioner, or an officer, or an employee
4designated by him, her or it for the purpose of conducting any
5such investigation, inquiry or hearing, may, in its discretion,
6compel the attendance of witnesses, the production of books,
7papers, accounts and documents and the giving of testimony
8before the Secretary Board or Commissioner, or before any
9officer thereof, or any employee designated by him, her or it
10for the purpose of conducting any such investigation, inquiry
11or hearing, in person or by deposition, in the manner provided
12in this Section, by an attachment for contempt or otherwise, in
13the same manner as production of evidence may be compelled
14before such court.
15    The Secretary Board or Commissioner or any officer, or any
16employee designated by him, her or it for the purpose of
17conducting any investigation, inquiry or hearing, or any party
18may, in any investigation, inquiry or hearing, cause the
19deposition of witnesses residing within or without the State to
20be taken in the manner prescribed by law for taking like
21depositions in civil cases in courts of this State, and to that
22end may compel the attendance of witnesses and the production
23of papers, books, accounts and documents.
24(Source: P.A. 89-508, eff. 7-3-96.)
 
25    (205 ILCS 105/7-27)  (from Ch. 17, par. 3307-27)

 

 

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1    Sec. 7-27. Except as provided in Article 10, any Any person
2affected by a final administrative decision of the Secretary
3Commissioner under paragraph (b) of Section 1-9, Section 2-3 or
4paragraph (j) of Section 3-4 of this Act or under Section
51006(b) or 3005 of the Savings Bank Act, or involving a change
6of location of an office or the establishment of an additional
7office under the Savings Bank Act, may have the decision
8reviewed only under and in accordance with the Administrative
9Review Law, if such person files, within 10 days of receipt of
10service of a copy of the final decision sought to be reviewed,
11a written notice with the Commissioner of intent to seek review
12under the Administrative Review Law.
13    Any person affected by a final administrative decision of
14the Board under Sections 7-21 through 7-26 of this Act may have
15the decision reviewed only under and in accordance with the
16Administrative Review Law, if the person files with the Board,
17within 10 days of receipt of service of a copy of the final
18decision sought to be reviewed, a written notice of intent to
19seek review under the Administrative Review Law.
20    The provisions of the Administrative Review Law, and all
21amendments and modifications thereof, and the rules adopted
22pursuant thereto, shall apply to and govern all proceedings for
23the judicial review of final administrative decisions of the
24Secretary Commissioner or the Board under this Act. The term
25"administrative decision" is defined as in Section 3-101 of the
26Code of Civil Procedure.

 

 

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1    Appeals from all final orders and judgments entered by a
2court in review of any final administrative decision of the
3Secretary Board under this Act may be taken as in other civil
4cases.
5(Source: P.A. 89-508, eff. 7-3-96.)
 
6    Section 20. The Savings Bank Act is amended by changing
7Sections 1007.50, 1008, 2007, 3001, 3002, 4012, 6007, 6009,
88002, 8003, 8004, 8005, 8007, 8008, 8009, 8010, 8013, 8014,
98015, 8016, 9002, 9004, 9008, 9011, 9015, 9017, and 9018 and by
10adding Sections 8002.1, 8018, 9018.1, 9018.2, 9018.3, and
119018.4 as follows:
 
12    (205 ILCS 205/1007.50)  (from Ch. 17, par. 7301-7.50)
13    Sec. 1007.50. "Depository institution", as used in this
14Act, shall mean an insured depository institution as defined by
15Section 3(c)(2) of the Federal Deposit Insurance Act (12 U.S.C.
161813), as amended, or an insured credit union as defined by
17Section 101(7) of the Federal Credit Union Act (12 U.S.C.
181752(7)), as amended a commercial bank, a savings bank, a
19savings and loan association, a trust company, a homestead
20association, a building and loan association, a cooperative
21bank, an industrial bank, or a credit union, whether chartered
22by a state or territory or under the laws of the United States.
23(Source: P.A. 86-1213.)
 

 

 

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1    (205 ILCS 205/1008)  (from Ch. 17, par. 7301-8)
2    Sec. 1008. General corporate powers.
3    (a) A savings bank operating under this Act shall be a body
4corporate and politic and shall have all of the powers
5conferred by this Act including, but not limited to, the
6following powers:
7        (1) To sue and be sued, complain, and defend in its
8    corporate name and to have a common seal, which it may
9    alter or renew at pleasure.
10        (2) To obtain and maintain insurance by a deposit
11    insurance corporation as defined in this Act.
12        (3) To act as a fiscal agent for the United States, the
13    State of Illinois or any department, branch, arm, or agency
14    of the State or any unit of local government or school
15    district in the State, when duly designated for that
16    purpose, and as agent to perform reasonable functions as
17    may be required of it.
18        (4) To become a member of or deal with any corporation
19    or agency of the United States or the State of Illinois, to
20    the extent that the agency assists in furthering or
21    facilitating its purposes or powers and to that end to
22    purchase stock or securities thereof or deposit money
23    therewith, and to comply with any other conditions of
24    membership or credit.
25        (5) To make donations in reasonable amounts for the
26    public welfare or for charitable, scientific, religious,

 

 

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1    or educational purposes.
2        (6) To adopt and operate reasonable insurance, bonus,
3    profit sharing, and retirement plans for officers and
4    employees and for directors including, but not limited to,
5    advisory, honorary, and emeritus directors, who are not
6    officers or employees.
7        (7) To reject any application for membership; to retire
8    deposit accounts by enforced retirement as provided in this
9    Act and the bylaws; and to limit the issuance of, or
10    payments on, deposit accounts, subject, however, to
11    contractual obligations.
12        (8) To purchase stock or membership interests in
13    service corporations and to invest in any form of
14    indebtedness of any service corporation as defined in this
15    Act, subject to regulations of the Secretary Commissioner.
16        (9) To purchase stock of a corporation whose principal
17    purpose is to operate a safe deposit company or escrow
18    service company.
19        (10) To exercise all the powers necessary to qualify as
20    a trustee or custodian under federal or State law, provided
21    that the authority to accept and execute trusts is subject
22    to the provisions of the Corporate Fiduciary Act and to the
23    supervision of those activities by the Secretary
24    Commissioner.
25        (11) (Blank).
26        (12) To establish, maintain, and operate terminals as

 

 

SB2076- 52 -LRB097 10191 CEL 50384 b

1    authorized by the Electronic Fund Transfer Act.
2        (13) To pledge its assets:
3            (A) to enable it to act as agent for the sale of
4        obligations of the United States;
5            (B) to secure deposits;
6            (C) to secure deposits of money whenever required
7        by the National Bankruptcy Act;
8            (D) (blank); and
9            (E) to secure trust funds commingled with the
10        savings bank's funds, whether deposited by the savings
11        bank or an affiliate of the savings bank, as required
12        under Section 2-8 of the Corporate Fiduciary Act.
13        (14) To accept for payment at a future date not to
14    exceed one year from the date of acceptance, drafts drawn
15    upon it by its customers; and to issue, advise, or confirm
16    letters of credit authorizing holders thereof to draw
17    drafts upon it or its correspondents.
18        (15) Subject to the regulations of the Secretary
19    Commissioner, to own and lease personal property acquired
20    by the savings bank at the request of a prospective lessee
21    and, upon the agreement of that person, to lease the
22    personal property.
23        (16) To establish temporary service booths at any
24    International Fair in this State that is approved by the
25    United States Department of Commerce for the duration of
26    the international fair for the purpose of providing a

 

 

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1    convenient place for foreign trade customers to exchange
2    their home countries' currency into United States currency
3    or the converse. To provide temporary periodic service to
4    persons residing in a bona fide nursing home, senior
5    citizens' retirement home, or long-term care facility.
6    These powers shall not be construed as establishing a new
7    place or change of location for the savings bank providing
8    the service booth.
9        (17) To indemnify its officers, directors, employees,
10    and agents, as authorized for corporations under Section
11    8.75 of the Business Corporations Act of 1983.
12        (18) To provide data processing services to others on a
13    for-profit basis.
14        (19) To utilize any electronic technology to provide
15    customers with home banking services.
16        (20) Subject to the regulations of the Secretary
17    Commissioner, to enter into an agreement to act as a
18    surety.
19        (21) Subject to the regulations of the Secretary
20    Commissioner, to issue credit cards, extend credit
21    therewith, and otherwise engage in or participate in credit
22    card operations.
23        (22) To purchase for its own account shares of stock of
24    a bankers' bank, described in Section 13(b)(1) of the
25    Illinois Banking Act, on the same terms and conditions as a
26    bank may purchase such shares. In no event shall the total

 

 

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1    amount of such stock held by a savings bank in such
2    bankers' bank exceed 10% of its capital and surplus
3    (including undivided profits) and in no event shall a
4    savings bank acquire more than 5% of any class of voting
5    securities of such bankers' bank.
6        (23) With respect to affiliate facilities:
7            (A) to conduct at affiliate facilities any of the
8        following transactions for and on behalf of any
9        affiliated depository institution, if so authorized by
10        the affiliate or affiliates: receiving deposits;
11        renewing deposits; cashing and issuing checks, drafts,
12        money orders, travelers checks, or similar
13        instruments; changing money; receiving payments on
14        existing indebtedness; and conducting ministerial
15        functions with respect to loan applications, servicing
16        loans, and providing loan account information; and
17            (B) to authorize an affiliated depository
18        institution to conduct for and on behalf of it, any of
19        the transactions listed in this subsection at one or
20        more affiliate facilities.
21        A savings bank intending to conduct or to authorize an
22    affiliated depository institution to conduct at an
23    affiliate facility any of the transactions specified in
24    this subsection shall give written notice to the Secretary
25    Commissioner at least 30 days before any such transaction
26    is conducted at an affiliate facility. All conduct under

 

 

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1    this subsection shall be on terms consistent with safe and
2    sound banking practices and applicable law.
3        (24) Subject to Article XLIV of the Illinois Insurance
4    Code, to act as the agent for any fire, life, or other
5    insurance company authorized by the State of Illinois, by
6    soliciting and selling insurance and collecting premiums
7    on policies issued by such company; and may receive for
8    services so rendered such fees or commissions as may be
9    agreed upon between the said savings bank and the insurance
10    company for which it may act as agent; provided, however,
11    that no such savings bank shall in any case assume or
12    guarantee the payment of any premium on insurance policies
13    issued through its agency by its principal; and provided
14    further, that the savings bank shall not guarantee the
15    truth of any statement made by an assured in filing his
16    application for insurance.
17        (25) To become a member of the Federal Home Loan Bank
18    and to have the powers granted to a savings association
19    organized under the Illinois Savings and Loan Act of 1985
20    or the laws of the United States, subject to regulations of
21    the Secretary Commissioner.
22        (26) To offer any product or service that is at the
23    time authorized or permitted to a bank by applicable law,
24    but subject always to the same limitations and restrictions
25    that are applicable to the bank for the product or service
26    by such applicable law and subject to the applicable

 

 

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1    provisions of the Financial Institutions Insurance Sales
2    Law and rules of the Secretary Commissioner.
3    (b) If this Act or the regulations adopted under this Act
4fail to provide specific guidance in matters of corporate
5governance, the provisions of the Business Corporation Act of
61983 may be used, or if the savings bank is a limited liability
7company, the provisions of the Limited Liability Company shall
8be used.
9    (c) A savings bank may be organized as a limited liability
10company, may convert to a limited liability company, or may
11merge with and into a limited liability company, under the
12applicable laws of this State and of the United States,
13including any rules promulgated thereunder. A savings bank
14organized as a limited liability company shall be subject to
15the provisions of the Limited Liability Company Act in addition
16to this Act, provided that if a provision of the Limited
17Liability Company Act conflicts with a provision of this Act or
18with any rule of the Secretary Commissioner, the provision of
19this Act or the rule of the Secretary Commissioner shall apply.
20    Any filing required to be made under the Limited Liability
21Company Act shall be made exclusively with the Secretary
22Commissioner, and the Secretary Commissioner shall possess the
23exclusive authority to regulate the savings bank as provided in
24this Act.
25    Any organization as, conversion to, and merger with or into
26a limited liability company shall be subject to the prior

 

 

SB2076- 57 -LRB097 10191 CEL 50384 b

1approval of the Secretary Commissioner.
2    A savings bank that is a limited liability company shall be
3subject to all of the provisions of this Act in the same manner
4as a savings bank that is organized in stock form.
5    The Secretary Commissioner may promulgate rules to ensure
6that a savings bank that is a limited liability company (i) is
7operating in a safe and sound manner and (ii) is subject to the
8Secretary's Commissioner's authority in the same manner as a
9savings bank that is organized in stock form.
10(Source: P.A. 92-483, eff. 8-23-01; 93-561, eff. 1-1-04.)
 
11    (205 ILCS 205/2007)  (from Ch. 17, par. 7302-7)
12    Sec. 2007. (a) A savings bank, including a mutual savings
13bank operating under this Act, may reorganize so as to become a
14holding company by:
15        (1) chartering one or more subsidiary savings banks,
16    the ownership of which shall be evidenced by stock shares,
17    to be owned by the chartering parent savings bank; and
18        (2) either of the following:
19            (i) transferring the substantial portion of its
20        assets and all of its insured deposits and part or all
21        of its other liabilities to one or more subsidiary
22        savings banks; or
23            (ii) reorganizing in any other manner as approved
24        by the Secretary Commissioner.
25    (b) In order to effect reorganization under subsection (a),

 

 

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1the board of directors of the original savings bank must
2approve a plan providing for the reorganization that shall be
3submitted for approval by a majority of the voting members of
4the savings bank. Approval must occur in accordance with the
5savings bank's articles of incorporation and bylaws at a
6meeting called by the board of directors. The Secretary may
7Commissioner shall promulgate rules to regulate the formation
8of and the ongoing business of the subsidiaries and the holding
9company, including the rights of members, levels of investment
10in holding company subsidiaries, and stock sales.
11(Source: P.A. 88-425.)
 
12    (205 ILCS 205/3001)  (from Ch. 17, par. 7303-1)
13    Sec. 3001. Application for permit to organize.
14    (a) Not fewer than 5 nor more than 20 persons may organize
15a savings bank under this Act.
16    (b) The Secretary Commissioner shall determine the minimum
17required capital which shall be at least the minimum required
18to obtain insurance of accounts as required by this Act and
19shall include additional amounts as the Secretary Commissioner
20may find necessary, based upon duly promulgated regulations.
21(Source: P.A. 86-1213.)
 
22    (205 ILCS 205/3002)  (from Ch. 17, par. 7303-2)
23    Sec. 3002. Contents of application for permit to organize.
24The application for a permit to organize shall be on forms

 

 

SB2076- 59 -LRB097 10191 CEL 50384 b

1required by the Secretary Commissioner, shall include all
2information as he deems necessary but must include at least the
3following:
4        (1) The name, address, social security number, date of
5    birth, business address, home address, place of birth, and
6    occupation of each organizer.
7        (2) The name of the proposed savings bank.
8        (3) The address of the headquarters, main business
9    office, and branches, if known, of the proposed savings
10    bank. Information must include any real estate interests of
11    the organizers that may be involved with any of these
12    locations.
13        (4) The anticipated duration of the proposed savings
14    bank, which may be perpetual.
15        (5) An audited financial statement of any corporation
16    or partnership that is one of the organizers or that shall
17    be either a controlling interest in the proposed savings
18    bank, a lender to the proposed savings bank, or a lender
19    for purposes of acquiring an interest in the proposed
20    savings bank to any of the controlling interests. The
21    Secretary may Commissioner shall define by regulation the
22    terms "controlling interest" and "lender".
23        (6) The proposed articles of incorporation and bylaws.
24        (7) The number of shares of capital stock; the number
25    of shares and classes of preferred stock, if any; the par
26    value of each type of stock which may not be less than $1;

 

 

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1    the number of shares to be sold and the per share initial
2    offering price of each share.
3(Source: P.A. 86-1213.)
 
4    (205 ILCS 205/4012)  (from Ch. 17, par. 7304-12)
5    Sec. 4012. Procedure to dissent.
6    (a) If the action giving rise to the right to dissent is to
7be approved at a meeting of shareholders, the notice of meeting
8shall inform the shareholders of their right to dissent and the
9procedure to dissent. Prior to the meeting, the savings bank
10shall furnish to the shareholders material information with
11respect to the transaction that will enable a shareholder to
12objectively vote on the transaction and to determine whether or
13not to exercise dissenters' rights. A shareholder may assert
14dissenters' rights only if the shareholder delivers to the
15savings bank, before the vote is taken, a written demand for
16payment for his shares if the proposed action is consummated
17and the shareholder does not vote in favor of the proposed
18action.
19    (b) If the action giving rise to the right to dissent is
20not to be approved at a meeting of shareholders, the notice to
21shareholders describing the action taken shall inform the
22shareholders of their right to dissent and the procedure to
23dissent. Prior to, or concurrently with, the notice the savings
24bank shall furnish to the shareholders material information
25with respect to the transaction that will enable a shareholder

 

 

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1to objectively determine whether or not to exercise dissenters'
2rights. A shareholder may assert dissenters' rights only if he
3delivers to the savings bank within 30 days from the date of
4mailing the notice a written demand for payment for his shares.
5    (c) The Secretary may Commissioner shall promulgate rules
6to govern the procedure to be used by savings banks and
7dissenters in arriving at a value and price for dissenters'
8shares, as well as how distribution shall be made. In no case
9shall the rules be more restrictive than the provisions
10applicable to ordinary corporations under the Business
11Corporation Act of 1983.
12(Source: P.A. 86-1213.)
 
13    (205 ILCS 205/6007)  (from Ch. 17, par. 7306-7)
14    Sec. 6007. Sale, assignment, and servicing of loans and
15contracts.
16    (a) Any savings bank may sell any loan or a participating
17interest in a loan at any time in the usual and regular course
18of business. Loans sold may be sold with or without recourse
19except as may otherwise be provided by regulations of the
20Secretary Commissioner. The Secretary Commissioner may, by
21regulation, adopt limitations upon the sale of loans. The
22provisions of this subsection (a) do not apply to the sale of
23loans to agencies of the United States, the State of Illinois,
24or other government sponsored agencies as may be approved by
25the Secretary Commissioner.

 

 

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1    (b) A savings bank may contract to service a loan or a
2participating interest in a loan, but a contract therefor shall
3conform to any the pertinent regulations prescribed by the
4Secretary Commissioner and shall require sufficient
5compensation to reimburse the savings bank for all expenses
6incurred under the contract.
7    (c) A savings bank may sell and assign, with or without
8recourse, any master's certificate of sale, defaulted loan, or
9defaulted real estate contract to any person eligible to
10purchase it for an amount not less than the fair cash market
11value thereof.
12(Source: P.A. 86-1213.)
 
13    (205 ILCS 205/6009)  (from Ch. 17, par. 7306-9)
14    Sec. 6009. Purchase of real estate for office and rental
15purposes.
16    (a) A savings bank may acquire and hold real estate in fee
17simple or leaseholds on which a building or buildings exist or
18are to be erected suitable for the transaction of the savings
19bank's business, and from portions of which not required for
20the savings bank's own use, revenue may be derived; or may own
21all or part of the capital stock, shares, or interest in any
22corporation, limited liability company, association, or trust
23engaged solely in holding all or part of that real estate.
24However, the amount so invested under this Section and item (7)
25of Section 6003 may not exceed a savings bank's total capital

 

 

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1unless the Secretary Commissioner, upon a proper showing,
2approves a larger amount consistent with the needs of the
3savings bank's business and its immediate future expansion.
4    (b) Unless prior written approval of the Secretary
5Commissioner is obtained, no savings bank may purchase, lease,
6or otherwise acquire a site for an office building or interest
7in real estate from any officer, director, employee, or
8stockholder holding more than 10% of the aggregate capital
9stock of the savings bank, or any firm, corporation, entity, or
10family in which any officer, director, employee, or stockholder
11holding more than 10% of the aggregate capital stock of a
12savings bank has any direct or indirect interest.
13    (c) An acquisition prohibited by this Section includes the
14purchase, lease, or acquisition of property in which any of the
15persons described in this Section held any interest for a
16period of 10 years preceding the purchase, lease, or
17acquisition, but does not include the acquisition of an option
18for a site or real estate where the option is assignable and
19exercised by the savings bank in its own name and for its own
20benefit.
21(Source: P.A. 89-320, eff. 1-1-96.)
 
22    (205 ILCS 205/8002)  (from Ch. 17, par. 7308-2)
23    Sec. 8002. Procedure to amend articles.
24    (a) The procedure to effect an amendment of articles of
25incorporation shall be as follows:

 

 

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1        (1) The board of directors shall adopt a resolution
2    setting forth the proposed amendment and direct that it be
3    submitted to a vote at an annual or special meeting of the
4    members or stockholders.
5        (2) The proposed amendment shall be set forth in the
6    notice of meeting mailed as prescribed in Section 4003 of
7    this Act.
8        (3) The proposed amendment shall be adopted upon
9    receiving the affirmative vote of a majority of the votes
10    entitled to be cast, unless the articles of incorporation
11    set forth a requirement that amendments of the articles of
12    incorporation shall be adopted by an affirmative vote of
13    two-thirds of the total number of votes entitled to be
14    cast.
15    (b) A report of proceedings, including the notice given,
16the time of mailing, the amendment adopted, the vote thereon,
17and the total number of votes entitled to be cast, verified by
18the president, vice president, or managing officer and attested
19to by the Secretary, shall be filed with the Secretary
20Commissioner within 5 business days after the vote.
21    (c) Each adopted amendment shall be subject to the same
22inquiry as the corresponding provision in the original
23articles. If the Secretary Commissioner approves an amendment
24he shall issue to the savings bank a certificate setting forth
25the amendment and his approval thereof. The amendment shall
26become effective upon issuance of the certificate when recorded

 

 

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1in the same manner as the savings bank's articles of
2incorporation. The savings bank shall provide the Commissioner
3with a copy of the recorded amendment within 5 business days of
4the date of recording.
5    (d) An amendment of the articles of incorporation approved
6by the board of directors, the Secretary, and members as part
7of merger, sale of substantially all assets, change in control,
8holding company reorganization, or mutual to stock form
9conversion need not be approved under this Section.
10    (e) No amendment of articles of incorporation shall affect
11any existing cause of action either in favor of or against the
12savings bank or any pending action in which the savings bank
13shall be a party or the existing rights of persons other than
14members of the savings bank.
15(Source: P.A. 89-74, eff. 6-30-95.)
 
16    (205 ILCS 205/8002.1 new)
17    Sec. 8002.1. Procedure to amend articles of incorporation
18for name change.
19    (a) Notwithstanding the requirements of Section 8002 of
20this Act, a savings bank, after commencing business, may amend
21its articles of incorporation solely for purposes of changing
22the name of the savings bank, upon satisfactory completion of
23the following requirements:
24        (1) Submission by the board of directors of a certified
25    resolution approving the proposed name change and

 

 

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1    approving a plan for notifying all parties who may be
2    affected by the change, including, but not limited to
3    members, accountholders, borrowers, creditors, and parties
4    to whom or with whom commitments of any type are pending.
5        (2) The new name, as determined by the Secretary, meets
6    the requirements for names under this Act or rules
7    established by the Secretary.
8    On satisfactory completion of these requirements, the
9Secretary shall issue an approved amendment to the articles of
10incorporation as provided for in subsection (c) of Section 8002
11of this Act.
12    (b) No amendment of the articles of incorporation to change
13the name of a savings bank shall affect any existing cause of
14action either in favor of or against the savings bank or any
15pending action in which the savings bank shall be a party, nor
16shall it affect the existing rights of persons other than
17members of the savings bank. No action brought by or against
18the savings bank under its former name shall be abated by
19reason of the change.
 
20    (205 ILCS 205/8003)  (from Ch. 17, par. 7308-3)
21    Sec. 8003. Effect upon existing articles and bylaws. Any
22adopted or amended articles that contain provisions contrary to
23the savings bank's bylaws shall serve to repeal the particular
24bylaws without further action by the board. No amendment to a
25savings bank's bylaws may take effect until the amendment is

 

 

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1approved by the Commissioner.
2(Source: P.A. 89-74, eff. 6-30-95.)
 
3    (205 ILCS 205/8004)  (from Ch. 17, par. 7308-4)
4    Sec. 8004. Merger; adoption of plan.
5    (a) Any depository institution may merge into a savings
6bank operating under this Act, and a savings bank operating
7under this Act may merge into a depository institution. The
8board of directors of each merging depository institution, by
9resolution adopted by a majority vote of all members of the
10board, must approve the plan of merger.
11    (b) The plan of merger must include the following:
12        (1) The name of each of the merging depository
13    institutions, the name of the continuing savings bank or
14    resulting depository institution or State or national
15    bank, the location of the business office, and the location
16    of the branch offices.
17        (2) With respect to the resulting savings bank or
18    resulting depository institution or State or national
19    bank, the amount of capital, surplus, and reserve for
20    operating expenses; the classes and the number of shares of
21    stock and the par value of each share; the charter and
22    bylaws of the resulting depository institution or savings
23    bank or resulting State or national bank; and a detailed
24    financial Statement showing the assets and liabilities
25    after the proposed merger.

 

 

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1        (3) Provisions stating the method, terms, and
2    conditions of carrying the merger into effect, including
3    the manner of converting the shares of the merging
4    depository institutions into the cash, shares of stock, or
5    other securities or properties Stated in the merger
6    agreement to be received by the stockholders of each
7    merging depository institution.
8        (4) Provisions governing the manner of disposing of any
9    shares of stock of the resulting savings bank or resulting
10    depository institution or State or national bank that are
11    not taken by the dissenting stockholders of each merging
12    depository institution.
13        (5) Other provisions that appear necessary or
14    desirable or that the Secretary Commissioner may
15    reasonably require to enable him to discharge his duties
16    with respect to the merger.
17    (c) After approval by the board of directors of each
18depository institution, the merger agreement shall be
19submitted to the Secretary Commissioner for approval, together
20with the certified copies of the authorizing resolutions of
21each board of directors showing approval by a majority of the
22entire board of each merging depository institution. After
23receipt of the items specified herein, the Secretary
24Commissioner may make or cause to be made an examination of the
25affairs of each of the merging depository institutions and
26their affiliates and subsidiaries, the expense of which is to

 

 

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1be paid by the merging depository institutions.
2    (d) The Secretary Commissioner may then approve or
3disapprove the proposed merger agreement. The Secretary
4Commissioner shall not approve a merger agreement unless he
5finds that:
6        (1) The resulting savings bank meets the requirements
7    of this Act for the formation of a new savings bank at the
8    proposed main office of the resulting savings bank.
9        (2) The same conditions exist with respect to the
10    resulting savings bank that would be required under this
11    Act for the organization of a new savings bank.
12        (3) The merger agreement is fair to all persons
13    affected.
14        (4) The resulting savings bank will be operated in a
15    safe and sound manner.
16    (e) If the Secretary Commissioner disapproves of the
17proposed merger, he shall State his objections in writing and
18give the merging depository institutions a Stated period of
19time in which to amend the plan of merger to address obviate
20the objections.
21(Source: P.A. 87-1226; 88-425.)
 
22    (205 ILCS 205/8005)  (from Ch. 17, par. 7308-5)
23    Sec. 8005. Merger; vote of approval. If approved by the
24Secretary Commissioner, the plan of merger shall be submitted
25to the stockholders of the savings bank or depository

 

 

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1institution for approval. The Secretary Commissioner may
2require that the plan of merger be submitted to members of a
3mutual savings bank. Each meeting of the members or
4stockholders of a savings bank operating under this Act shall
5be called and held in accordance with Section 4002. The plan is
6approved if it receives the affirmative vote of two-thirds or
7more of the total votes entitled to be cast.
8(Source: P.A. 86-1213.)
 
9    (205 ILCS 205/8007)  (from Ch. 17, par. 7308-7)
10    Sec. 8007. Effect of merger. The continuing savings bank or
11resulting depository institution or State or national bank
12shall be considered the same business and corporate entity as
13each merging depository institution, with all the property,
14rights, duties, and obligations of each merging depository
15institution, except as otherwise provided by the articles of
16incorporation of the continuing savings bank or resulting
17depository institution or State or national bank. All
18liabilities of each of the merging institutions shall be
19liabilities of the continuing savings bank or resulting
20depository institution or State or national bank; and all of
21the rights, franchises, and interests of each of the merging
22depository institutions in and to every kind of property, real,
23personal, or mixed shall vest automatically in the continuing
24savings bank or resulting depository institution or State or
25national bank without any deed or other transfer. Any reference

 

 

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1to a merging depository institution in any writing, whether
2executed or effective before or after the merger, shall be
3deemed a reference to the continuing savings bank or resulting
4depository institution or State or national bank if not
5inconsistent with the other provisions of the writing. No
6pending action or other judicial proceeding to which any
7merging depository institution is a party shall be abated or
8dismissed by reason of the merger, but shall be prosecuted to
9final judgment in the same manner as if the merger had not
10occurred.
11(Source: P.A. 87-1226; 88-425.)
 
12    (205 ILCS 205/8008)  (from Ch. 17, par. 7308-8)
13    Sec. 8008. Merger; Secretary's Commissioner's expenses.
14The expenses of any examination made by or at the direction of
15the Secretary Commissioner in connection with a proposed merger
16shall be paid for by the merging savings banks or depository
17institutions.
18(Source: P.A. 86-1213.)
 
19    (205 ILCS 205/8009)  (from Ch. 17, par. 7308-9)
20    Sec. 8009. Sale of assets. Subject to regulations of the
21Secretary Commissioner, a savings bank, in one transaction not
22in the usual course of business, may sell all or substantially
23all of its assets, with or without its name and goodwill, to
24another savings bank or depository institution to any other

 

 

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1financial institution, in consideration of money, capital, or
2obligations of the purchasing institution. A savings bank may
3sell any office or facility and equipment in conformity with
4the regulations of the Secretary Commissioner.
5(Source: P.A. 86-1213.)
 
6    (205 ILCS 205/8010)  (from Ch. 17, par. 7308-10)
7    Sec. 8010. Procedure to effect sale of all assets.
8    (a) The procedure to effect a sale authorized by Section
9Sections 8009 and 8014 of this Act shall be as follows:
10        (1) The board of directors shall adopt a resolution
11    setting forth the terms of the proposed sale and shall
12    submit the plan to the Secretary Commissioner for his
13    preliminary approval. Upon receipt of approval by the
14    Secretary Commissioner, the plan shall be submitted to a
15    vote of the members at a special or annual meeting.
16        (2) The terms shall be set forth in the notice of the
17    meeting as prescribed in subsection (b) of Section 4003 of
18    this Act.
19        (3) The proposed sale will be approved by the members
20    or stockholders upon receiving in the affirmative
21    two-thirds or more of the total number of votes that all
22    members or stockholders of the savings bank are entitled to
23    cast. A proposal for the voluntary liquidation of the
24    savings bank may be submitted to the members or
25    stockholders at the same meeting or at any later meeting

 

 

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1    called for that purpose in accordance with Article 4 of
2    this Act. A report of proceedings, certified by the
3    president or vice president and attested by the secretary,
4    setting forth the terms of the proposed sale, the notice
5    given and the time of its mailing, the vote on the
6    proposal, and the total number of votes that all members or
7    stockholders of the savings bank are entitled to cast,
8    shall be filed with the Secretary Commissioner.
9    (b) If the Secretary Commissioner finds that the proposed
10sale is fair to all holders of capital, creditors, and other
11persons concerned and provision has been made for the
12disposition of the remaining assets, if any, of the savings
13bank, as provided in this Act for voluntary liquidation, he
14shall issue to the savings bank a certificate of authorization
15for the sale with a copy of the filed report of proceedings
16attached to the certificate.
17    (c) When the Secretary's Commissioner's certificate is
18issued recorded in the same manner as the savings bank's
19articles of incorporation, the savings bank may complete the
20sale so authorized; except that the savings bank must also have
21the approval of the Federal Deposit Insurance Corporation.
22    (d) If the sale includes the name of the savings bank, the
23purchaser shall have the exclusive right to that name for a
24period of 5 years.
25(Source: P.A. 86-1213.)
 

 

 

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1    (205 ILCS 205/8013)  (from Ch. 17, par. 7308-13)
2    Sec. 8013. Emergency merger. With the prior approval of the
3Secretary Commissioner, which approval shall state that the
4proposed merger is in his opinion necessary for the protection
5of the depositors and other creditors, any savings bank that is
6an eligible depository institution, as defined in the Illinois
7Banking Act, may, by a vote of a majority of its board of
8directors and without a vote of its members or stockholders,
9merge with another savings bank or depository institution, a
10State or federal savings and loan association, or a bank, as
11defined in the Illinois Banking Act, with the other savings
12bank or depository institution , State or federal savings and
13loan association, or bank being the resulting or continuing
14savings bank or depository institution , savings and loan
15association, or bank.
16(Source: P.A. 86-1213.)
 
17    (205 ILCS 205/8014)  (from Ch. 17, par. 7308-14)
18    Sec. 8014. Emergency sale of assets.
19    (a) With the approval in writing of the Secretary
20Commissioner, which approval shall state that the proposed sale
21is, in his opinion, necessary for the protection of the
22depositors and other creditors, any savings bank that is an
23eligible depository institution, as defined in Section 2 of the
24Illinois Banking Act may, by a vote of a majority of its board
25of directors and without a vote of its members or stockholders,

 

 

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1sell all or any part of its assets to another savings bank or
2depository institution , savings and loan association, bank, as
3defined in the Illinois Banking Act, or to the Federal Deposit
4Insurance Corporation, or to both a State or federally
5chartered savings bank or savings and loan association or a
6bank and the Federal Deposit Insurance Corporation, provided
7that a savings bank or depository institution assumes , State or
8federally chartered savings and loan association or bank
9assumes in writing all of the liabilities of the selling
10savings bank association and that any sale to a bank shall be
11by an eligible depository institution, as defined in the
12Illinois Banking Act.
13    (b) Notwithstanding any other provisions of this Act, a
14savings bank may sell to any savings bank or depository
15institution , savings and loan association, or bank, as defined
16in the Illinois Banking Act, an insubstantial portion of its
17total deposits which shall have the same meaning as provided in
18Section 5(d)(2)(D) of the Federal Deposit Insurance Act. The
19sale of an insubstantial portion of a savings bank's deposits
20may be by vote of a majority of the board of directors, and,
21with approval of the Secretary Commissioner, without a vote of
22its members or stockholders.
23(Source: P.A. 86-1213.)
 
24    (205 ILCS 205/8015)  (from Ch. 17, par. 7308-15)
25    Sec. 8015. Change in control.

 

 

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1    (a) No person, whether acting directly or indirectly or
2through or in concert with one or more persons, may acquire
3control of a savings bank operating under this Act without
4prior approval of the Secretary Commissioner.
5    (b) Any person seeking to acquire control of a savings bank
6or subsidiary of a savings bank operating under this Act shall
7submit an application in the form required by the Secretary
8Commissioner.
9    (c) The Secretary Commissioner may examine the books and
10records of the applicant and related persons, investigate any
11matter relevant to the application, and require the applicant
12to submit additional information and documents.
13    (d) The Secretary Commissioner shall not approve an
14acquisition of control unless the application and related
15examination and investigation permit the Secretary
16Commissioner to find positively on all of the following
17matters:
18        (1) The applicant has filed a complete application, has
19    cooperated with all examinations and investigations of the
20    Secretary Commissioner, and has submitted all information
21    and documents requested by the Secretary Commissioner.
22        (2) The applicant and proposed management have the
23    necessary competence, experience, integrity, and financial
24    ability.
25        (3) The business plans of the applicant are consistent
26    with the safe and sound operation of the savings bank and

 

 

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1    the purposes of this Act.
2        (4) The acquisition of control would not be inequitable
3    to members, borrowers or creditors of the savings bank.
4        (5) The applicant and proposed management have
5    complied with subsection (f) (e) of this Section.
6    (e) Shares of stock or mutual members shares acquired in
7violation of subsection (a) of this Section shall not be voted
8and shall not be counted in calculating the total number of
9shares eligible to vote. In addition to any other action
10authorized under this Act, the Secretary Commissioner may
11require divestment of shares of stock acquired in violation of
12this Section and may require retirement of the withdrawal value
13of accounts providing mutual member voting shares acquired in
14violation of this Section, in which case the savings bank shall
15pay accrued interest on the retired withdrawal value and shall
16not assess any penalty for early withdrawal.
17    (f) An individual, whether acting directly or indirectly or
18through or in concert with one or more persons, shall file
19written notice to the Secretary Commissioner within 10 days of
20the occurrence of either of the following events:
21        (1) becoming, directly or indirectly, the beneficial
22    owner of more than five percent of the voting shares of a
23    savings bank or savings bank holding company; or
24        (2) obtaining, directly or indirectly, the power to
25    cast more than five percent of the member votes of a
26    savings bank or savings bank holding company.

 

 

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1    The requirements of this subsection (f) are separate and in
2addition to the requirements of subsection (a) of this Section.
3    (g) The Secretary Commissioner may promulgate rules to
4implement this provision, including definitions, form and
5content of application or notice, procedures, exemptions, and
6requirements for approval.
7(Source: P.A. 96-585, eff. 8-18-09.)
 
8    (205 ILCS 205/8016)  (from Ch. 17, par. 7308-16)
9    Sec. 8016. Procedure for conversion from a savings bank
10charter.
11    (a) Any savings bank operating under this Act may convert
12to any other depository institution chartered under the laws
13and regulations of this State or under the laws and regulations
14of the United States in accordance with the following
15requirements:
16        (1) The converting savings bank shall notify the
17    Secretary Commissioner of its intent to convert. Notice
18    should be submitted when the savings bank first submits a
19    request to convert to the appropriate State or federal
20    authorities, but in no case less than 30 days before the
21    conversion. Approval of the conversion by the Secretary
22    Commissioner shall not be required except when the savings
23    bank converts to a depository institution that is also
24    chartered by the Secretary Commissioner in which case the
25    savings bank shall comply with State law and regulations

 

 

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1    applicable to the conversion to such depository
2    institution.
3        (2) The board of directors shall approve a plan of
4    conversion by resolution adopted by majority vote of all of
5    the directors.
6        (3) Upon notice prescribed by subsection (a) of Section
7    4003 of this Act, the plan of conversion shall be adopted
8    upon receiving in the affirmative two-thirds or more of the
9    total number of votes that all members of the savings bank
10    are entitled to cast. A report of proceedings, certified by
11    the president or a vice president and attested by the
12    secretary, shall be filed promptly with the Secretary
13    Commissioner.
14        (4) The savings bank shall pay all accrued supervisory
15    fees and other fees and assessments under this Act as of
16    the date of conversion.
17        (5) Upon completion of the conversion, the charter of
18    the savings bank shall automatically terminate and the
19    savings bank charter or a true copy of the charter shall be
20    returned to the Secretary Commissioner.
21    (b) (Blank). If the Commissioner finds that any requirement
22of this Section would prevent under applicable law a depository
23institution that is not a savings bank from converting to a
24savings bank, the Commissioner may waive any requirement having
25that effect.
26(Source: P.A. 91-97, eff. 7-9-99.)
 

 

 

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1    (205 ILCS 205/8018 new)
2    Sec. 8018. Waiver of requirements. With respect to
3applicable law requiring reciprocity, no requirement of the
4Secretary or member approval under Article 8 is effective if
5the approval requirement prevents a depository institution
6that is not a savings bank from converting to, merging into, or
7selling substantially all of its assets to, as otherwise
8permitted, a savings bank.
 
9    (205 ILCS 205/9002)  (from Ch. 17, par. 7309-2)
10    Sec. 9002. Powers of Secretary. The Secretary shall have
11the following powers and duties:
12    (1) To exercise the rights, powers, and duties set forth in
13this Act or in any related Act.
14    (2) To establish regulations as may be reasonable or
15necessary to accomplish the purposes of this Act.
16    (3) To make an annual report regarding the work of his
17office under this Act as he may consider desirable to the
18Governor, or as the Governor may request.
19    (4) To cause a suit to be filed in his name to enforce any
20law of this State that applies to savings banks, their service
21corporations, subsidiaries, affiliates, or holding companies
22operating under this Act, including the enforcement of any
23obligation of the officers, directors, agents, or employees of
24any savings bank.

 

 

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1    (5) To prescribe a uniform manner in which the books and
2records of every savings bank are to be maintained.
3    (6) To establish a reasonable fee structure for savings
4banks and holding companies operating under this Act and for
5their service corporations and subsidiaries. The fees shall
6include, but not be limited to, annual fees, application fees,
7regular and special examination fees, and other fees as the
8Secretary establishes and demonstrates to be directly
9resultant from the Secretary's responsibilities under this Act
10and as are directly attributable to individual entities
11operating under this Act. The aggregate of all moneys fees
12collected by the Secretary on and after the effective date of
13this Act shall be paid promptly after receipt of the same,
14accompanied by a detailed statement thereof, into the Savings
15and Residential Finance Regulatory Fund subject to the
16provisions of Section 7-19.1 of the Illinois Savings and Loan
17Act of 1985 including without limitation the provision for
18credits against regulatory fees. The amounts deposited into the
19Fund shall be used for the ordinary and contingent expenses of
20the Office of Banks and Real Estate. Notwithstanding any other
21provision of this paragraph (6), the aggregate of all moneys
22collected by the Secretary under this Act shall be paid
23promptly after receipt of same, accompanied by a detailed
24statement thereof, into the Savings Institutions Regulatory
25Fund upon the creation of that fund under Section 7-19.2 of the
26Illinois Savings and Loan Act of 1985, subject to the

 

 

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1provisions of Section 7-19.2 of the Illinois Savings and Loan
2Act of 1985, including without limitation the provision for
3credits against regulatory fees. The amounts deposited into the
4Savings Institutions Regulatory Fund under this paragraph (6)
5shall be used for the ordinary and contingent expenses of
6administering and enforcing this Act. Nothing in this Act shall
7prevent continuing the practice of paying expenses involving
8salaries, retirement, social security, and State-paid
9insurance of State officers by appropriation from the General
10Revenue Fund. The Secretary may require payment of the fees
11under this Act by an electronic transfer of funds or an
12automatic debit of an account of each of the savings banks.
13(Source: P.A. 95-1047, eff. 4-6-09; 96-1365, eff. 7-28-10.)
 
14    (205 ILCS 205/9004)  (from Ch. 17, par. 7309-4)
15    Sec. 9004. Examination.
16    (a) At least once every 18 months or more often if it is
17deemed necessary or expedient, the Secretary Commissioner
18shall examine the books, records, operations, and affairs of
19each savings bank operating under this Act. In the course of
20the examination, the Secretary may Commissioner shall also
21examine in the same manner all entities, companies, and
22individuals which or whom the Secretary Commissioner
23determines may have a relationship with the savings bank or any
24subsidiary or entity affiliated with it, if the relationship
25may adversely affect the affairs, activities, and safety and

 

 

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1soundness of the savings bank, including: (i) companies
2controlled by the savings bank; (ii) entities, including
3companies controlled by the company, individual, or
4individuals that control the savings bank; and (iii) the
5company or other entity which controls or owns the savings
6bank. For purposes of this subsection, the Commissioner shall
7deem it necessary or expedient to conduct an examination more
8often than every 18 months if a required report from a savings
9bank indicates a material change in financial condition or a
10material violation of a law or regulation. In that event, the
11Commissioner shall initiate an examination within 30 days of
12receipt of that information. In the event that the condition is
13grounds for taking custody of the savings bank under Section
1410001 of this Act, the examination shall be initiated
15immediately. Notwithstanding any other provision of this Act,
16every savings bank, as defined by rule, or, if not defined, to
17the same extent as would be permitted in the case of a State
18bank, the Secretary, in lieu of the examination, may accept on
19an alternating basis the examination made by the eligible
20savings bank's appropriate federal banking agency pursuant to
21Section 111 of the Federal Deposit Insurance Corporation
22Improvement Act of 1991, provided the appropriate federal
23banking agency has made an examination.
24    (b) The Secretary Commissioner shall examine to determine:
25        (1) Quality of financial condition, including safety
26    and soundness and investment and loan quality.

 

 

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1        (2) Compliance with this Act and other applicable
2    statutes and regulations.
3        (3) Quality of management policies.
4        (4) Overall safety and soundness of the savings bank,
5    its parent, subsidiaries, and affiliates.
6        (5) Remedial actions required to correct and to restore
7    compliance with applicable statutes, regulations, and
8    proper business policies.
9    (c) The Secretary may Commissioner shall promulgate
10regulations to implement and administer this Section.
11    (d) If a savings bank, its holding company, or any of its
12corporate subsidiaries has not been audited at least once in
13the 12 months prior to the Secretary's Commissioner's
14examination, the Secretary may Commissioner shall cause an
15audit of the savings bank's books and records to be made by an
16independent licensed public accountant selected by the
17Commissioner from a list composed of certified public
18accountants who have experience in savings bank audits. The
19cost of the audit shall be paid for by the entity being
20audited.
21    (e) The Secretary Commissioner or the his or her
22Commissioner's examiners or other formally designated agents
23are authorized to administer oaths and to examine and to take
24and preserve testimony under oath as to anything in the affairs
25or ownership of any savings bank or institution or affiliate
26thereof.

 

 

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1(Source: P.A. 96-1365, eff. 7-28-10.)
 
2    (205 ILCS 205/9008)  (from Ch. 17, par. 7309-8)
3    Sec. 9008. Report of examination. Upon completion of each
4examination, the Secretary may Commissioner shall make a report
5of examination to the board of directors of the savings bank or
6other entity examined. The report shall be read by each
7director who shall then execute a signed statement affidavit
8affirming that he has read the report. The statement affidavits
9shall be filed and retained by the savings bank or appropriate
10entity examined and shall be examined by the Secretary
11Commissioner during regular examinations.
12(Source: P.A. 86-1213.)
 
13    (205 ILCS 205/9011)  (from Ch. 17, par. 7309-11)
14    Sec. 9011. Record keeping and retention of records by a
15savings bank.
16    (a) Each savings bank is required to maintain appropriate
17books and records, as required by the Secretary Commissioner,
18that are in accordance with generally accepted accounting
19principles and the requirements of its insurer of accounts. All
20books and records shall be current, complete, organized, and
21accessible to the Secretary Commissioner, the Secretary's
22Commissioner's agents and examiners, and to the savings bank's
23auditors and accountants.
24    (b) Each savings bank shall implement internal control and

 

 

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1security measures for its data processing activities. A
2contract with a data processing service or for data processing
3services must provide that records maintained shall at all
4times be available for examination and audit by the Secretary
5Commissioner.
6    (c) The Secretary Commissioner may further regulate these
7matters by the promulgation of rules concerning data
8processing. As used herein, "data processing" means all
9electronic or automated systems of communication and data
10processing by computer.
11    (d) Unless a federal law requires otherwise, the Secretary
12may Commissioner shall by regulation prescribe periods of time
13for which savings banks operating under this Act must retain
14records and after the expiration of which, the savings bank may
15destroy those records. No liability shall accrue against the
16savings bank, the Secretary Commissioner, or this State for
17destruction of records according to regulations of the
18Secretary Commissioner promulgated under the authority of this
19Section. In any cause or proceeding in which any records may be
20called in question or be demanded by any savings bank, a
21showing of the expiration of the period so prescribed shall be
22sufficient excuse for failure to produce them.
23(Source: P.A. 90-301, eff. 8-1-97.)
 
24    (205 ILCS 205/9015)  (from Ch. 17, par. 7309-15)
25    Sec. 9015. Unsafe and unsound practices; orders of

 

 

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1prohibition and removal.
2    (a) The violation of any of the following provisions of
3this Act: Article 5, subsection (b) of Section 4009, Section
47006, Section 9005, and Section 9014 is deemed to be an unsafe
5and unsound practice and creates an unsafe and unsound
6condition in the savings bank. The savings bank or the
7institution affiliated party responsible for the violation may
8be subject to the assessment of civil money penalties and other
9enforcement powers of the Secretary Commissioner, as specified
10in this Article, in Article 11, and by regulation of the
11Secretary Commissioner.
12    (b) Continued violation of any of those provisions after
13the Secretary Commissioner issues formal notice to correct
14shall subject the directors of the savings bank at fault to
15immediate removal from the board and to a permanent order of
16prohibition from direct or indirect participation in the
17affairs of any financial institution subject to this Act, the
18Illinois Savings and Loan Act of 1985, or the Residential
19Mortgage License Act of 1987.
20    (c) The Secretary may Commissioner shall promulgate rules
21and regulations to implement this Section.
22(Source: P.A. 90-301, eff. 8-1-97.)
 
23    (205 ILCS 205/9017)  (from Ch. 17, par. 7309-17)
24    Sec. 9017. Procedure upon the impairment of capital.
25    (a) If the Secretary Commissioner finds from a report of

 

 

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1examination or other required report of a savings bank that the
2capital is impaired, he may shall, in his discretion institute
3whichever of the following procedures is appropriate:
4        (1) Direct that the board of directors either (i)
5    require the shareholders to contribute an amount at least
6    sufficient to eliminate the impairment, or (ii) reduce the
7    par value of the capital stock in at least the amount of
8    the impairment and allocate the reduction to undivided
9    profits or reserves to absorb the loss that created the
10    impairment.
11        (2) Take custody of the savings bank under Article 10
12    of this Act, establish a conservatorship, and proceed to
13    merge, sell, or otherwise dispose of the savings bank in a
14    manner that will remove the capital impairment, remove
15    operating losses, and restore compliance with all capital
16    requirements.
17        (3) Declare the stock worthless and order the directors
18    to cancel the stock or order the directors to sell, merge,
19    or otherwise restructure the savings bank in a manner that
20    will remove the capital impairment, eliminate operating
21    losses, and restore compliance with all capital
22    requirements.
23    (b) The Secretary may Commissioner shall promulgate rules
24to implement this procedure.
25(Source: P.A. 86-1213.)
 

 

 

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1    (205 ILCS 205/9018)  (from Ch. 17, par. 7309-18)
2    Sec. 9018. Administrative review. Except as provided in
3Article 10 and as otherwise specifically provided by this Act,
4any person aggrieved by a decision of the Secretary
5Commissioner under this Act may receive a hearing before the
6Secretary under Sections 9018.1 through 9018.4 of this Act
7Board of Savings Institutions or otherwise seek administrative
8review of the decision pursuant to the procedures set forth in
9Sections 7-20 through 7-27 of the Illinois Savings and Loan Act
10of 1985.
11(Source: P.A. 89-508, eff. 7-3-96.)
 
12    (205 ILCS 205/9018.1 new)
13    Sec. 9018.1. Hearing upon verified complaint. The
14Secretary shall, upon receiving the verified complaint in
15writing of any aggrieved person setting forth facts that, if
16proved, would constitute grounds for reversal or change of any
17decision, order, or action of the Secretary, except as provided
18in Section 7-23 of this Act, grant a hearing on the complaint.
19If the aggrieved person desires such a hearing, he or she
20shall, within 10 days after receipt of notice of such decision,
21order, or action, file written notice with the Secretary of
22intent to demand a hearing and shall, within 30 days after
23receipt of notice of such decision, order, or action, file his
24or her verified complaint in writing. The date of the hearing
25may not be earlier than 15 days nor later than 30 days after

 

 

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1the date of receipt of verified complaint in writing. The
2Secretary shall, at least 10 days prior to the date set for the
3hearing, notify in writing the person aggrieved by such
4decision, order, or action, referred to in this Section as the
5respondent, and all other parties to the action, that a hearing
6will be held on the date designated and shall afford the
7respondent and all other parties to the action an opportunity
8to be heard in person or by counsel in reference thereto.
9Written notice may be served by delivery of the same personally
10to the respondent and all other parties to the action or by
11mailing the notice by registered or certified mail to the place
12of business specified by the respondent and all other parties
13to the action in the last notification to the Secretary. At the
14time and place fixed in the notice, the Secretary or his or her
15authorized agent, referred to in this Section as the hearing
16officer, shall proceed to hear the charges and the respondent,
17all other parties to the action, and the complainant shall be
18accorded ample opportunity to present in person or by counsel
19such statements, testimony, evidence, and argument as may be
20pertinent to the issues. The hearing officer may continue such
21hearing from time to time.
22    The hearing officer may subpoena any person in this State
23and may take testimony either orally, by deposition, or by
24exhibit, with the same fees and mileage and in the same manner
25as prescribed by law in judicial proceedings in civil cases in
26circuit courts of this State.

 

 

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1    The hearing officer may administer oaths to witnesses at
2any hearing that the hearing officer is authorized by law to
3conduct.
4    After the hearing, the Secretary shall make a determination
5approving, modifying, or disapproving the decision, order, or
6action of the Secretary as his or her final administrative
7decision.
 
8    (205 ILCS 205/9018.2 new)
9    Sec. 9018.2. Record of proceedings; expenses. The
10Secretary, at his or her expense, unless otherwise provided in
11this Act, shall provide a stenographer to take down the
12testimony and preserve a record of all proceedings at the
13hearing. The notice of hearing, complaint, and all other
14documents in the nature of pleadings and written motions filed
15in the proceedings, the transcript of testimony, the report of
16the hearing officer, and orders of the Secretary shall be the
17record of such proceedings. The Secretary shall furnish a
18transcript of the record to any person interested in such
19hearing upon payment of the actual cost thereof.
20    A copy of the hearing officer's report and the Secretary's
21orders shall be served as notice of the hearing on the
22respondent and all other parties to the action by the
23Secretary, either personally or by registered or certified
24mail, as provided in this Act. All expenses incurred by the
25Secretary, including the compensation of the hearing officer,

 

 

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1shall be paid by the parties to the hearing and shall be
2divided among them in equal shares.
 
3    (205 ILCS 205/9018.3 new)
4    Sec. 9018.3. Subpoena; deposition. All subpoenas issued
5under the laws of this State pertaining to or concerning
6savings banks may be served by any person who is not a minor.
7The fees of witnesses for attendance and travel shall be the
8same as fees of witnesses before the circuit courts of this
9State. Witness fees are to be paid at the time the witness is
10excused from further attendance, when the witness is subpoenaed
11at the instance of the Secretary or any officer or any employee
12designated by him or her for the purpose of conducting any
13investigation, inquiry, or hearing. The disbursements made in
14the payment of witness fees shall be audited and paid in the
15same manner as are other expenses of the Secretary. Whenever a
16subpoena is issued at the instance of a complainant,
17respondent, or other party to any proceeding, the Secretary may
18require that the cost of service thereof and the fee of the
19same shall be borne by the party at whose instance the witness
20is summoned, and the Secretary shall have power, in his or her
21discretion, to require a deposit to cover the cost of such
22service and witness fees and the payment of legal witness fees
23and mileage to the witness when served with subpoena. A
24subpoena issued under this Section shall be served in the same
25manner as a subpoena issued out of a court.

 

 

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1    Any person served with a subpoena to appear and testify or
2to produce books, papers, accounts, or documents, either in
3person or by deposition, in the manner provided in this
4Section, issued by the Secretary or by any officer or any
5employee designated by him or her to conduct any such
6investigation, inquiry, or hearing, in the course of an
7investigation, inquiry, or hearing conducted under any of the
8provisions of the laws of this State pertaining to savings
9banks, and who refuses or neglects to appear or to testify, or
10to produce books, papers, accounts, and documents relative to
11such investigation, inquiry, or hearing as commanded in such
12subpoena, shall be guilty of a petty offense.
13    Any circuit court of this State, on application of the
14Secretary or an officer or an employee designated by the
15Secretary for the purpose of conducting any investigation,
16inquiry, or hearing, may, in his or her discretion, compel the
17attendance of witnesses, the production of books, papers,
18accounts, and documents, and the giving of testimony before the
19Secretary or before any officer or any employee designated by
20the Secretary for the purpose of conducting any such
21investigation, inquiry, or hearing, in person or by deposition,
22in the manner provided in this Section, by an attachment for
23contempt or otherwise, in the same manner as production of
24evidence may be compelled before a court.
25    The Secretary, any officer or employee designated by the
26Secretary for the purpose of conducting any investigation,

 

 

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1inquiry, or hearing, or any party may, in any investigation,
2inquiry, or hearing, cause the deposition of witnesses residing
3within or outside of the State to be taken in the manner
4prescribed by law for taking like depositions in civil cases in
5courts of this State and, to that end, may compel the
6attendance of witnesses and the production of papers, books,
7accounts, and documents.
 
8    (205 ILCS 205/9018.4 new)
9    Sec. 9018.4. Review under Administrative Review Law.
10Except as provided in Article 10, any person affected by a
11final administrative decision of the Secretary may have the
12decision reviewed only under and in accordance with the
13Administrative Review Law.
14    The provisions of the Administrative Review Law, all
15amendments and modifications to the Administrative Review Law,
16and the rules adopted under the Administrative Review Law,
17shall apply to and govern all proceedings for the judicial
18review of final administrative decisions of the Secretary under
19this Act. For the purposes of this Section, "administrative
20decision" is defined as in Section 3-101 of the Code of Civil
21Procedure.
22    Appeals from all final orders and judgments entered by a
23court in review of any final administrative decision of the
24Board under this Act may be taken as in other civil cases.
 

 

 

SB2076- 95 -LRB097 10191 CEL 50384 b

1    Section 25. The Corporate Fiduciary Act is amended by
2changing the heading of Article IX by changing Sections 4A-5,
35-9, and 6-13.5 as follows:
 
4    (205 ILCS 620/4A-5)
5    Sec. 4A-5. Foreign corporations establishing places of
6business to conduct fiduciary activities in Illinois.
7        (a) A foreign corporation may establish or acquire and
8maintain a place of business for the conduct of business as a
9fiduciary in this State provided that a corporate fiduciary
10that has its principal place of business in Illinois is
11permitted to establish or acquire and maintain a similar place
12of business that may engage in activities substantially similar
13to those permitted to foreign corporations under this Act in
14the state where the foreign corporation has its principal place
15of business.
16    (b) A foreign corporation desiring to establish or acquire
17and maintain a place of business to conduct business as a
18fiduciary in Illinois under this Section shall provide, or
19cause its home state regulator to provide, written notice of
20the proposed transaction to the Commissioner on or after the
21date on which the foreign corporation applies to its home state
22regulator for approval to establish or acquire and maintain a
23place of business in Illinois. The filing of the notice shall
24be preceded or accompanied by a copy of the resolution adopted
25by the board authorizing the additional place of business and

 

 

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1the filing fee required by the Commissioner. The Commissioner
2may prescribe the form of the notice required under this
3Section. In the Commissioner's discretion, the application or
4notice submitted to the foreign corporation's home state
5regulator may be sufficient notice under this Section.
6    (c) A foreign corporation desiring to establish or acquire
7and maintain a place of business to conduct business as a
8fiduciary shall (i) confirm in writing to the Commissioner that
9for as long as it maintains a place of business in Illinois, it
10will comply with the laws of this State and (ii) provide
11satisfactory evidence to the Commissioner of compliance with
12any applicable requirements of state foreign corporation
13qualification laws and applicable requirements of its home
14state regulator for acquiring or establishing and maintaining
15the office.
16    (d) A foreign corporation submitting a notice to the
17Commissioner in accordance with subsection (b) may commence
18fiduciary business at the place of business listed in its
19notice after the Commissioner approves the foreign corporation
20to conduct a fiduciary business in Illinois on the 61st day
21after the date the Commissioner receives the notice unless the
22Commissioner specifies an earlier or later date. However, if
23the foreign corporation is not a depository institution and the
24Commissioner approves the foreign corporation to conduct a
25fiduciary business in Illinois subject to specific conditions,
26the foreign corporation shall not commence a fiduciary business

 

 

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1in Illinois until it has satisfied those conditions and
2provided evidence satisfactory to the Commissioner that it has
3done so. The Commissioner may extend the 60-day review period
4if additional time or information is needed for approval of the
5notice. The Commissioner may deny approval of the notice if he
6finds that the foreign corporation lacks sufficient financial
7resources to undertake the proposed expansion without
8adversely affecting its safety or soundness or that the place
9of business is contrary to the public interest.
10(Source: P.A. 92-483, eff. 8-23-01.)
 
11    (205 ILCS 620/5-9)  (from Ch. 17, par. 1555-9)
12    Sec. 5-9. Statement of condition.
13    (a) Each corporate fiduciary shall file with the
14Commissioner, when requested, a statement under oath, of the
15condition of such corporate fiduciary as of the date requested.
16The statement of condition shall be in such form and contain
17such statements, returns and information, as to the affairs,
18business conditions, and resources of the corporate fiduciary
19or of its trust department, as the case may be, as the said
20Commissioner may, from time to time prescribe or require.
21    (b) Such statement of condition shall be verified by the
22affidavit of the president, vice president or principal
23accounting officer of said corporate fiduciary, who shall also
24state in such affidavit that he has examined the books and
25accounts of said corporate fiduciary or of its trust

 

 

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1department, as the case may be for the purpose of making said
2report or statement, and that the information contained in the
3statement or report is accurate to the best of his knowledge
4and belief. If the statement is submitted in electronic form,
5the Commissioner may, in the call for the report, specify the
6manner in which the appropriate officer of the corporate
7fiduciary shall verify the statement of condition.
8    (c) (Blank). The corporate fiduciary shall cause a proper
9abstract of the statements of assets and liabilities reported
10under sub-section (a) of this Section to be published once in a
11newspaper of general circulation, circulated in the city, town
12or village where the corporate fiduciary is located. Such
13publication shall be paid for by said corporate fiduciary which
14shall cause to be provided to the Commissioner a certificate of
15publication from the publishing newspaper in such form as the
16Commissioner shall require. When the corporate fiduciary is a
17State bank, qualified under this Act, the statements published
18in compliance with the Illinois Banking Act may be accepted by
19the Commissioner in compliance with the publication
20requirements of this Section although an annual statement of
21condition may still be required.
22    (d) Any corporate fiduciary which fails to file an accurate
23statement of condition on or before the date it is due, to
24publish the report if required to be published, or which fails
25to provide evidence of such publication may be fined $100 for
26each day of noncompliance.

 

 

SB2076- 99 -LRB097 10191 CEL 50384 b

1    (e) Any corporate fiduciary which is the victim of a
2robbery or experiences a shortage of funds in excess of
3$10,000, an apparent misapplication of the corporate
4fiduciary's funds by an officer, employee, director, or agent,
5a charge-off of assets of the corporate fiduciary, or any
6adverse legal action in an amount in excess of 10% of total
7capital and surplus of the corporate fiduciary, including but
8not limited to, the entry of an adverse money judgment against
9the corporate fiduciary shall report that information in
10writing to the Commissioner within 7 days. Neither the
11corporate fiduciary, its directors, officers, employees or
12agents, in the preparation or filing of the reports required by
13this subsection, shall be subject to any liability for libel,
14slander or other charges resulting from information supplied in
15such reports, except when the supplying of such information is
16done in a corrupt or malicious manner or otherwise not in good
17faith.
18(Source: P.A. 89-364, eff. 8-18-95.)
 
19    (205 ILCS 620/6-13.5)
20    Sec. 6-13.5. Pledging requirements.
21    (a) The Commissioner may require a trust company holding a
22certificate of authority under this Act to pledge to the
23Commissioner securities or a surety bond which shall run to the
24Commissioner in an amount, not to exceed $2,000,000 $1,000,000,
25that the Commissioner deems appropriate for costs associated

 

 

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1with the receivership of the trust company. In the event of a
2receivership of a trust company, the Commissioner may, without
3regard to any priorities, preferences, or adverse claims,
4reduce the pledged securities or the surety bond to cash and,
5as soon as practicable, utilize the cash to cover costs
6associated with the receivership.
7    (b) If the trust company chooses to pledge securities to
8satisfy the provisions of this Section, the securities shall be
9held at a depository institution or a Federal Reserve Bank
10approved by the Commissioner. The Commissioner may specify the
11types of securities that may be pledged in accordance with this
12Section. Any fees associated with holding such securities shall
13be the responsibility of the trust company.
14    (c) If the trust company chooses to purchase a surety bond
15to satisfy the provisions of this Section, the bond shall be
16issued by a bonding company, approved by the Commissioner, that
17is authorized to do business in this State and that has a
18rating in one of the 3 highest grades as determined by a
19national rating service. The bond shall be in a form approved
20by the Commissioner. The trust company may not obtain a surety
21bond from any entity in which the trust company has a financial
22interest.
23(Source: P.A. 92-485, eff. 8-23-01.)
 
24    (205 ILCS 620/Art. IX heading)
25
ARTICLE IX. MISCELLANEOUS PROVISIONS ,

 

 

SB2076- 101 -LRB097 10191 CEL 50384 b

1
FIDUCIARY ADVISORY COMMITTEE

 
2    (205 ILCS 105/7-11 rep.)
3    (205 ILCS 105/7-12 rep.)
4    (205 ILCS 105/7-13 rep.)
5    (205 ILCS 105/7-14 rep.)
6    (205 ILCS 105/7-15 rep.)
7    (205 ILCS 105/7-16 rep.)
8    (205 ILCS 105/7-17 rep.)
9    (205 ILCS 105/7-18 rep.)
10    (205 ILCS 105/7-19 rep.)
11    Section 28. The Illinois Savings and Loan Act of 1985 is
12amended by repealing Sections 7-11, 7-12, 7-13, 7-14, 7-15,
137-16, 7-17, 7-18, and 7-19.
 
14    (205 ILCS 205/9010 rep.)
15    Section 30. The Savings Bank Act is amended by repealing
16Section 9010.
 
17    (205 ILCS 616/70 rep.)
18    (205 ILCS 616/75 rep.)
19    Section 35. The Electronic Fund Transfer Act is amended by
20repealing Sections 70 and 75.
 
21    (205 ILCS 620/1-5.04 rep.)
22    (205 ILCS 620/9-1 rep.)

 

 

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1    (205 ILCS 620/9-2 rep.)
2    (205 ILCS 620/9-3 rep.)
3    (205 ILCS 620/9-4 rep.)
4    Section 40. The Corporate Fiduciary Act is amended by
5repealing Sections 1-5.04, 9-1, 9-2, 9-3, and 9-4.

 

 

SB2076- 103 -LRB097 10191 CEL 50384 b

1 INDEX
2 Statutes amended in order of appearance
3    20 ILCS 3205/2.5
4    20 ILCS 3205/5from Ch. 17, par. 455
5    20 ILCS 3205/6from Ch. 17, par. 456
6    30 ILCS 105/5.786 new
7    205 ILCS 105/1-10.01from Ch. 17, par. 3301-10.01
8    205 ILCS 105/1-10.40 new
9    205 ILCS 105/1A-8from Ch. 17, par. 3301A-8
10    205 ILCS 105/3-2from Ch. 17, par. 3303-2
11    205 ILCS 105/3-7from Ch. 17, par. 3303-7
12    205 ILCS 105/5-7from Ch. 17, par. 3305-7
13    205 ILCS 105/6-2.1from Ch. 17, par. 3306-2.1
14    205 ILCS 105/6-4from Ch. 17, par. 3306-4
15    205 ILCS 105/6-5from Ch. 17, par. 3306-5
16    205 ILCS 105/6-7from Ch. 17, par. 3306-7
17    205 ILCS 105/6-8from Ch. 17, par. 3306-8
18    205 ILCS 105/6-9from Ch. 17, par. 3306-9
19    205 ILCS 105/6-10from Ch. 17, par. 3306-10
20    205 ILCS 105/6-11from Ch. 17, par. 3306-11
21    205 ILCS 105/6-15from Ch. 17, par. 3306-15
22    205 ILCS 105/6-16 new
23    205 ILCS 105/7-5from Ch. 17, par. 3307-5
24    205 ILCS 105/7-19.1from Ch. 17, par. 3307-19.1
25    205 ILCS 105/7-19.2 new

 

 

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1    205 ILCS 105/7-20from Ch. 17, par. 3307-20
2    205 ILCS 105/7-21from Ch. 17, par. 3307-21
3    205 ILCS 105/7-23from Ch. 17, par. 3307-23
4    205 ILCS 105/7-24from Ch. 17, par. 3307-24
5    205 ILCS 105/7-25from Ch. 17, par. 3307-25
6    205 ILCS 105/7-26from Ch. 17, par. 3307-26
7    205 ILCS 105/7-27from Ch. 17, par. 3307-27
8    205 ILCS 205/1007.50from Ch. 17, par. 7301-7.50
9    205 ILCS 205/1008from Ch. 17, par. 7301-8
10    205 ILCS 205/2007from Ch. 17, par. 7302-7
11    205 ILCS 205/3001from Ch. 17, par. 7303-1
12    205 ILCS 205/3002from Ch. 17, par. 7303-2
13    205 ILCS 205/4012from Ch. 17, par. 7304-12
14    205 ILCS 205/6007from Ch. 17, par. 7306-7
15    205 ILCS 205/6009from Ch. 17, par. 7306-9
16    205 ILCS 205/8002from Ch. 17, par. 7308-2
17    205 ILCS 205/8002.1 new
18    205 ILCS 205/8003from Ch. 17, par. 7308-3
19    205 ILCS 205/8004from Ch. 17, par. 7308-4
20    205 ILCS 205/8005from Ch. 17, par. 7308-5
21    205 ILCS 205/8007from Ch. 17, par. 7308-7
22    205 ILCS 205/8008from Ch. 17, par. 7308-8
23    205 ILCS 205/8009from Ch. 17, par. 7308-9
24    205 ILCS 205/8010from Ch. 17, par. 7308-10
25    205 ILCS 205/8013from Ch. 17, par. 7308-13
26    205 ILCS 205/8014from Ch. 17, par. 7308-14

 

 

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1    205 ILCS 205/8015from Ch. 17, par. 7308-15
2    205 ILCS 205/8016from Ch. 17, par. 7308-16
3    205 ILCS 205/8018 new
4    205 ILCS 205/9002from Ch. 17, par. 7309-2
5    205 ILCS 205/9004from Ch. 17, par. 7309-4
6    205 ILCS 205/9008from Ch. 17, par. 7309-8
7    205 ILCS 205/9011from Ch. 17, par. 7309-11
8    205 ILCS 205/9015from Ch. 17, par. 7309-15
9    205 ILCS 205/9017from Ch. 17, par. 7309-17
10    205 ILCS 205/9018from Ch. 17, par. 7309-18
11    205 ILCS 205/9018.1 new
12    205 ILCS 205/9018.2 new
13    205 ILCS 205/9018.3 new
14    205 ILCS 205/9018.4 new
15    205 ILCS 620/4A-5
16    205 ILCS 620/5-9from Ch. 17, par. 1555-9
17    205 ILCS 620/6-13.5
18    205 ILCS 620/Art. IX
19    heading
20    205 ILCS 105/7-11 rep.
21    205 ILCS 105/7-12 rep.
22    205 ILCS 105/7-13 rep.
23    205 ILCS 105/7-14 rep.
24    205 ILCS 105/7-15 rep.
25    205 ILCS 105/7-16 rep.
26    205 ILCS 105/7-17 rep.

 

 

SB2076- 106 -LRB097 10191 CEL 50384 b

1    205 ILCS 105/7-18 rep.
2    205 ILCS 105/7-19 rep.
3    205 ILCS 205/9010 rep.
4    205 ILCS 616/70 rep.
5    205 ILCS 616/75 rep.
6    205 ILCS 620/1-5.04 rep.
7    205 ILCS 620/9-1 rep.
8    205 ILCS 620/9-2 rep.
9    205 ILCS 620/9-3 rep.
10    205 ILCS 620/9-4 rep.