Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 115/2

(205 ILCS 115/2) (from Ch. 17, par. 3602)

Sec. 2.

Any savings and loan or Federal savings and loan association may
issue shares, share accounts or accounts in the joint names of two or more
persons or their survivor, in which event any of such persons shall have
power to act in all matters related to such shares, share accounts or
accounts whether the other person or persons named in such shares, share
accounts or accounts be living or not. Such a joint account shall create a
single membership in any such association. The repurchase or redemption or
withdrawal value of shares, share accounts or accounts issued in joint
names, and dividends thereon, or other rights relating thereto, may be paid
or delivered, in whole or in part, to any of such persons, whether the
other person or persons be living or not. The payment or delivery to any
such person, or a receipt or acquittance signed by any such person, to whom
any such payment or any such delivery of rights is made, shall be a valid
and sufficient release and discharge of any such association for the
payment or delivery so made.

(Source: Laws 1939, p. 478.)