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205 ILCS 205/9009
(205 ILCS 205/9009) (from Ch. 17, par. 7309-9)
Sec. 9009.
Orders of the Commissioner.
(a) If the affairs of the savings bank, savings bank
subsidiary or affiliate, or savings bank holding company are not
being conducted in accordance with this Act, the Commissioner shall
require the directors, officers, and employees to take any necessary
corrective action. If the necessary corrective action is not taken,
the Commissioner may issue a formal order to the directors of the
savings bank, subsidiary, affiliate, or holding company, to be
delivered either personally or by registered or certified mail,
specifying a date, which may be immediate or may be a later date,
for the performance of the corrective action by the savings bank,
subsidiary, affiliate, or holding company. The order or any part thereof
shall be subject to Section 11006 of this Act.
(b) If the formal order of the Commissioner, in whole or in
part, contains a finding that the business of the savings bank or
holding company is being conducted in a fraudulent, illegal, unsafe,
or unsound manner or that the violation thereof or the continuance
by the savings bank or holding company of the practice to be
corrected could cause insolvency, substantial dissipation of
assets or earnings, or the impairment of its capital, the order or
part thereof shall be complied with immediately on or before the
effective date thereof until modified or withdrawn by the
Commissioner or modified or terminated by a circuit court. The
Commissioner may apply to the circuit court of the county in which
the savings bank or holding company is located for enforcement of
an order requiring prompt compliance.
(c) If the order, or part thereof, is not subject to subsection (b) and
if no hearing pursuant to Section 9018 of this Act has been requested, the Commissioner may, at any time within 90
days after the effective date of the order, institute suit in the
circuit court of Sangamon County or the circuit court of the county
in which the savings bank or holding company is located to compel
the directors, officers, or employees to take the required
corrective action. The court, after due process of law, shall
adjudicate the question, enter the proper order or orders, and
enforce them.
(d) No provision of this Section shall interfere with the
exercise by the Commissioner of any provision of Article 11.
(Source: P.A. 91-97, eff. 7-9-99.)
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