093_SB0772
LRB093 03107 JLS 03124 b
1 AN ACT in relation to banking.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Banking Act is amended by
5 changing Section 14.1 as follows:
6 (205 ILCS 5/14.1) (from Ch. 17, par. 321.1)
7 Sec. 14.1. Quasi-Reorganization of capital upon a change
8 in control. For the purposes of declaring dividends pursuant
9 to Section 14(8)(b) of this Act, if a bank:
10 (1) incurs a change in ownership of more than 50% of its
11 voting stock; and
12 (2) has a deficit in its net profits then on hand at the
13 time of such change in ownership; and
14 (3) receives the prior written approval of the
15 Commissioner; thesuch bank may restate its asset and
16 liability accounts to fair value for the purpose of
17 reorganizing the capital accounts of the bank so that net
18 profits then on hand are restated to zero; provided that in
19 no event may total capital be increased as a result of a
20 capital reorganization made pursuant to this Section.
21 (Source: P.A. 87-841.)