(205 ILCS 205/7004) (from Ch. 17, par. 7307-4)
Sec. 7004.
Payment of interest.
(a) The board of directors shall determine the rate and amount of
interest to be paid on deposit accounts and, for that purpose, may establish
reasonable classifications of accounts based on: types of classes of
accounts; the length of time accounts are continued in effect; size of
initial payments on accounts; minimum balances of accounts required for
payment of interest; frequency and extent of the activity of accounts; or
other classifications as the Commissioner may approve.
(b) The board of directors shall determine by resolution the method of
calculating the amount of any interest on deposit accounts and the date on
which it is to be paid or credited.
(Source: P.A. 86-1213.)
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