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90_SB1102
205 ILCS 5/8 from Ch. 17, par. 315
Amends the Illinois Banking Act. Provides incorporators
do not have to be Illinois residents. Provides that the
incorporators of a bank that will be owned by a bank holding
company may acquire stock of the bank holding company rather
than stock of the bank. Effective immediately.
LRB9003026JSgc
LRB9003026JSgc
1 AN ACT to amend the Illinois Banking Act by changing
2 Section 8.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Banking Act is amended by
6 changing Section 8 as follows:
7 (205 ILCS 5/8) (from Ch. 17, par. 315)
8 Sec. 8. Incorporators. A State bank may be organized on
9 application by 5 or more incorporators who shall be
10 individuals and residents of this State except that a bank
11 holding company may be the sole incorporator of a State bank.
12 Each incorporator shall undertake to subscribe and pay in
13 full in cash for stock having a value of not less than one
14 per cent of the minimum capital and, surplus and reserve for
15 operating expense requirements as set forth in Section 7,
16 except that incorporators of a State bank that will be owned
17 by a bank holding company may subscribe and pay in full in
18 cash for stock of the bank holding company, provided that the
19 incorporator's investment in the bank holding company must at
20 least equal the amount of money that would have been needed
21 for the incorporator to acquire shares of the bank's stock
22 pursuant to this Section.
23 (Source: P.A. 88-546.)
24 Section 99. Effective date. This Act takes effect upon
25 becoming law.