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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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 205/7005) (from Ch. 17, par. 7307-5) Sec. 7005. Holders of deposit accounts. (a) Deposit accounts of a savings bank may be held as follows: (1) by any individual in his own right, regardless of | ||
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(2) by a fiduciary when authorized by law; (3) by a government or governmental instrumentality | ||
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(4) by any corporation or other person when not | ||
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(b) A savings bank may accept deposits made by a minor and may open an account in the name of the minor, and the rules and regulations of the savings bank with respect to each deposit and account of the minor shall be as binding upon the minor as if the minor were of full age and legal capacity. The receipt, acquittance, or order of payment of the minor on such account or deposit or any part thereof shall be as binding upon the minor as if the minor were of full age and legal capacity. (Source: P.A. 104-310, eff. 8-15-25.) |