(205 ILCS 5/25) (from Ch. 17, par. 332)
Sec. 25.
Conversion of national bank or insured savings association into
State bank.
A national bank or insured savings association located in this State which
follows the procedure
prescribed by the laws of the United States or of the State of Illinois to
convert into a State bank
may be granted a charter by the Commissioner. The national bank or insured
savings association may apply
for such charter by filing with the Commissioner:
(1) A certificate signed by its president, or a vice-president, or the
cashier, and by a majority of the entire board of directors setting forth
the corporate action taken in compliance with the provisions of the laws of
the United States or of the State of Illinois governing the conversion of a
national bank or insured savings association to a State bank;
(2) The plan of conversion and the proposed charter approved by the
stockholders for the operation of the bank or insured savings association
as a State bank;
(3) The name proposed for the converting bank or insured savings
association, its location and a list
of its stockholders as of the date of the stockholders' approval of the
plan of conversion;
(4) The amount of its Tier 1 capital, the classes and the number of the shares of stock and the par
value of each share, and a detailed statement showing the assets and
liabilities of the converting bank or insured savings association; and
(5) A statement that the plan of conversion is subject to the approval
of the Commissioner and that whether approved or disapproved the converting
bank or insured savings association will pay the Commissioner's expenses of
examination.
For purposes of this Section, a national bank or insured savings
association is located in the State where its main banking premises or main
office is located.
(Source: P.A. 92-483, eff. 8-23-01.)
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