(205 ILCS 205/1002) (from Ch. 17, par. 7301-2)
Sec. 1002.
Policy and purpose.
The purpose of this Act
is to provide for the chartering,
regulation, and corporate governance of savings banks. The
policy of this Act is to encourage growth of the personal
savings base of the citizens of Illinois; to provide a healthy
savings bank industry with safe and sound methods of
investment so that this savings base will be retained in
Illinois for Illinois' growth; to counter the flight of
capital from Illinois; to build a strong new system of
financial institutions in Illinois which will, by their
strength, be controlled and owned by Illinois citizens and
corporations and shall be the nucleus for a geographically
expansive industry.
To further its purpose and policies, this Act shall be liberally construed
except for those provisions that relate to safety and soundness of operations,
investments, and management. In those areas, the General Assembly decrees that
this Act shall be strictly construed and that each savings bank shall apply the
prudent person rule. The Commissioner of Banks and Real Estate shall interpret
those Sections of this Act in
keeping with that standard.
(Source: P.A. 89-508, eff. 7-3-96.)
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