(205 ILCS 205/4001) (from Ch. 17, par. 7304-1)
Sec. 4001.
Members.
(a) The membership of a mutual savings bank shall
consist solely of every depositor or holder of a deposit
account issued by the savings bank.
(b) The members of a stock savings bank shall be only
the owners of its capital stock. Jointly owned stock shall
constitute one membership.
(c) Any savings bank that had legal existence under
another statute prior to the date of this Act and which, if
it was a mutual, included borrowers as members or, if its
ownership was evidenced by stock, included borrowers and
depositors as members, or as non-voting members, may retain
that membership structure by resolution of its board of
directors to be included in its application for a savings bank
charter under this Act. Otherwise, borrowers may not be
members of a savings bank operating under this Act, and only
mutual savings banks may include depositors as members.
(d) Joint ownership of an account constitutes one membership.
(Source: P.A. 86-1213; 87-498.)
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