Illinois General Assembly - Full Text of SB1861
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Full Text of SB1861  99th General Assembly


Sen. John M. Sullivan

Filed: 3/17/2015





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2    AMENDMENT NO. ______. Amend Senate Bill 1861 as follows:
3on page 1, line 5, by replacing "Sections 5, 14, and 14.1" with
4"Sections 5 and 14.1"; and
5by replacing line 1 on page 12 through line 18 on page 19 with
6the following:
7    "(205 ILCS 5/14.1)  (from Ch. 17, par. 321.1)
8    Sec. 14.1. Quasi-Reorganization of Capital Upon a Change in
10    (a) For the purposes of declaring dividends pursuant to
11Section 14(8)(b) of this Act upon a change in control, if a
13    (1) incurs a change in ownership of more than 50% of its
14voting stock; and
15    (2) has a deficit in its net profits then on hand at the



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1time of such change in ownership; and
2    (3) receives the prior written approval of the Secretary
3Commissioner; such bank may restate its asset and liability
4accounts to fair value for the purpose of reorganizing the
5capital accounts of the bank so that net profits then on hand
6are restated to zero; provided that in no event may total
7capital be increased as a result of a capital reorganization
8made pursuant to this Section.
9    (b) A bank may reorganize its capital accounts pursuant to
10item (3) of subsection (a) of this Section without a change in
11control to the same extent and in the same manner authorized
12for national banks, subject to the same limitations and
13restrictions as are applicable to national banks, upon
14receiving the prior written approval of the Secretary.
15(Source: P.A. 87-841.)".