reglab/housing_qa huggingface dataset:
205 ILCS 205/8007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-7)Sec. 8007. Effect of merger. The continuing savings bank or resulting  depository institution shall be considered the same  business and corporate entity as each merging depository institution, with all  the property, rights, duties, and obligations of each merging depository  institution, except as otherwise provided by the articles of incorporation of  the continuing savings bank or resulting depository institution.  All liabilities of each of the merging institutions shall be  liabilities of the continuing savings bank or resulting depository institution; and all of the rights, franchises, and interests of  each of the merging depository institutions in and to every kind of property,  real, personal, or mixed shall vest automatically in the continuing savings  bank or resulting depository institution without  any deed or other transfer.  Any reference to a merging depository institution  in any writing, whether executed or effective before or after the merger, shall  be deemed a reference to the continuing savings bank or resulting depository  institution if not inconsistent with the other  provisions of the writing.  No pending action or other judicial proceeding to  which any merging depository institution is a party shall be abated or  dismissed by reason of the merger, but shall be prosecuted to final judgment in  the same manner as if the merger had not occurred.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-8)Sec. 8008. Merger;  Secretary's expenses. The expenses of any examination made by or at the direction  of the Secretary in connection with a proposed merger shall be  paid for by the merging savings banks or depository institutions.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8009
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-9)Sec. 8009. Sale of assets. Subject to regulations of the Secretary, a savings bank, in one  transaction not in the usual course of  business, may sell all or substantially all of its assets, with or  without its name and goodwill, to another savings bank or depository institution, in consideration of money, capital, or  obligations of the purchasing institution.  A savings bank may sell  any office or facility and equipment in conformity with the  regulations of the Secretary.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8010
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-10)Sec. 8010. Procedure to effect sale of all assets.(a) The procedure to effect a sale authorized by Section 8009 of  this Act shall be as follows:(1) The board of directors shall adopt a resolution     setting forth the terms of the proposed sale and shall submit the plan to the Secretary for his preliminary approval.  Upon receipt of approval by the Secretary, the plan shall be submitted to a vote of the members at a special or annual meeting.(2) The terms shall be set forth in the notice of the     meeting as prescribed in subsection (b) of Section 4003 of this Act.(3) The proposed sale will be approved by the members     or stockholders upon receiving in the affirmative two-thirds or more of the total number of votes that all members or stockholders of the savings bank are entitled to cast.  A proposal for the voluntary liquidation of the savings bank may be submitted to the members or stockholders at the same meeting or at any later meeting called for that purpose in accordance with Article 4 of this Act.  A report of proceedings, certified by the president or vice president and attested by the secretary of the savings bank, setting forth the terms of the proposed sale, the notice given and the time of its mailing, the vote on the proposal, and the total number of votes that all members or stockholders of the savings bank are entitled to cast, shall be filed with the Secretary.(b) If the Secretary finds that the proposed sale is fair  to all holders of capital, creditors, and other persons concerned  and provision has been made for the disposition of the remaining  assets, if any, of the savings bank, as provided in this Act for  voluntary liquidation, he shall issue to the savings bank a  certificate of authorization for the sale with a copy of the  filed report of proceedings attached to the certificate.(c) When the Secretary's certificate is issued, the  savings bank may complete the sale so authorized; except that the  savings bank must also have the approval of the Federal Deposit  Insurance Corporation.(d) If the sale includes the name of the savings bank, the  purchaser shall have the exclusive right to that name for a period  of 5 years.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8012
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-12)Sec. 8012.         Conversion of an existing depository institution  to a savings bank.(a) Except as provided in subsection (b),  an existing depository institution may become an  Illinois savings bank by:(1) Applying to the Commissioner of Banks and Real     Estate for an Illinois savings bank charter.(2) Obtaining insurance of accounts from a deposit     insurance corporation.(3) Complying with the provisions of this Act and the     rules and regulations of the Commissioner, except that any requirements of publication, notice, and public hearing are hereby waived.(4) Paying all outstanding bills for supervisory     fees, examination fees, membership fees, other fees, penalties, and assessments associated with its original charter.(5) Recording a savings bank charter in the county of     its company headquarters.(6) Giving notice to its original chartering     authority and surrendering its charter to its chartering authority upon approval of the Commissioner.(b) A federal association required by a law of the United States to  convert to a national bank or to a depository institution chartered under the  laws  of the State of Illinois that elects to become a savings bank may apply for an  expedited process under this subsection.  Upon filing with the Commissioner a  certified copy of the conversion registration statement filed with the  appropriate  federal regulatory agency and a certificate issued by that federal regulatory  agency showing that the federal association has complied with the provisions  of federal law, the Commissioner shall issue a savings bank charter to the  converting federal association, provided the converting federal association:(i) furnishes evidence of insurance of accounts from     a deposit insurance corporation;(ii) complies with the provisions of this Act and the     rules of the Commissioner, except that any requirements of publication notice and public hearing are waived; and(iii) records the savings bank charter in the county     of its principal place of business.(c) A federal savings association that converts to a savings bank under  subsection (b) of this Section shall not be required to pay any application  fees  in connection with the conversion.    (Source: P.A. 89-508, eff. 7-3-96; 90-270, eff. 7-30-97.)
205 ILCS 205/8013
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-13)Sec. 8013. Emergency merger. With the prior approval of the Secretary, which approval shall state that the proposed merger is in his  opinion necessary for the protection of the depositors and other creditors,  any savings bank that is an eligible depository institution, as defined in  the Illinois Banking Act, may, by a vote of a majority of its board of  directors and without a vote of its members or stockholders, merge with  another savings bank or depository institution, with the other savings bank or depository institution being the resulting  or continuing savings bank or depository institution.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8014
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-14)Sec. 8014. Emergency sale of assets.(a) With the approval in writing of the Secretary, which  approval shall state that the proposed sale is, in his opinion,  necessary for the protection of the depositors and other creditors,  any savings bank that is an eligible depository institution, as defined in Section 2 of the Illinois Banking Act may, by a vote of a majority of its board of  directors and without a vote of its members or stockholders, sell  all or any part of its assets to another savings bank or depository institution or to the Federal Deposit Insurance Corporation, provided that a savings bank or depository institution assumes in writing  all of the liabilities of the selling savings bank.(b) Notwithstanding any other provisions of this Act, a  savings bank may sell to any savings bank or depository institution an insubstantial portion of its total deposits.  The sale of an insubstantial  portion of a savings bank's deposits may be by vote of a majority  of the board of directors, and, with approval of the Secretary,  without a vote of its members or stockholders.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8016
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-16)Sec. 8016. Procedure for conversion from a savings bank charter.(a) Any savings bank operating under this Act may convert to any other  depository institution chartered under  the laws and regulations of this State or under the laws and regulations of  the United States in accordance with the  following requirements:(1) The converting savings bank shall notify the     Secretary of its intent to convert.  Notice should be submitted when the savings bank first submits a request to convert to the appropriate State or federal authorities, but in no case less than 30 days before the conversion.  Approval of the conversion by the Secretary shall not be required except when the savings bank converts to a depository institution that is also chartered by the Secretary in which case the savings bank shall comply with State law and regulations applicable to the conversion to such depository institution.(2) The board of directors shall approve a plan of     conversion by resolution adopted by majority vote of all of the directors.(3) Upon notice prescribed by subsection (a) of     Section 4003 of this Act, the plan of conversion shall be adopted upon receiving in the affirmative two-thirds or more of the total number of votes that all members of the savings bank are entitled to cast.  A report of proceedings, certified by the president or a vice president and attested by the secretary of the savings bank, shall be filed promptly with the Secretary.(4) The savings bank shall pay all accrued     supervisory fees and other fees and assessments under this Act as of the date of conversion.(5) Upon completion of the conversion, the charter of     the savings bank shall automatically terminate and the savings bank charter or a true copy of the charter shall be returned to the Secretary.(b) (Blank).  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/8017
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

Sec. 8017.     Guidelines for the processing of completed applications.(a) All procedures, notice, or transactions under Article VIII requiring  approval of the Commissioner shall be governed by this Section and designated  as an "application".(b) An application submitted under this Article to the Commissioner for  processing shall comply with all applicable regulations and guidelines  governing the filing of the applications.  The Commissioner shall adopt rules  to ensure timely processing of all applications.  Rules governing the  processing of an application for change in control shall conform to the  requirements of Section 8015.    (Source: P.A. 88-579, eff. 8-12-94.)
205 ILCS 205/8018
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

(205 ILCS 205/8018)Sec. 8018. Waiver of requirements.   Notwithstanding any provision of this Article, the requirements imposed by this Article on a savings bank that seeks to convert to, merge into, or sell substantially all of its assets to a depository institution that is not a savings bank shall be no more burdensome or restrictive than the requirements imposed by federal or other state law on a depository institution that is not a savings bank that seeks to convert to, merge into, or sell substantially all of its assets to a savings bank.  The Secretary may waive any such requirement imposed by this Article that is more burdensome or restrictive.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/Art. 9 heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 ARTICLE 9.      Supervision
205 ILCS 205/9001
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-1)Sec. 9001. Personnel, records, files, actions, and duties.   The Commissioner shall appoint, subject to applicable  provisions of the Personnel Code, a supervisor, examiners,  employees, experts, and special assistants as may be necessary to  effectively carry out this Act.  (Source: P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/9003
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-3)Sec. 9003. Prohibited activities. The Commissioner, deputy commissioners, and employees  of the Office of Banks and Real Estate shall be subject to the restrictions  provided in Section 2.5 of the Division of Banking Act including,  without limitation, the restrictions on (i) owning shares of stock or holding  any other equity interest in an entity regulated under this Act or in any  corporation or company that owns or controls an entity regulated under this  Act; (ii) being an officer, director, employee, or agent of an entity regulated  under this Act; and (iii) obtaining a loan or accepting a gratuity from an  entity regulated under this Act.  (Source: P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/9005
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

Sec. 9005. (Repealed).        (Source: P.A. 86-1213. Repealed by P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/9006
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-6)Sec. 9006.     Examiners.     The Commissioner shall appoint competent examiners  who are not officers or agents of, or in any manner interested in, any  savings bank, savings bank holding company, or subsidiaries or affiliates  of either, except that they may be depositors therein.    (Source: P.A. 86-1213.)
205 ILCS 205/9007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

Sec. 9007. (Repealed).        (Source: P.A. 86-1213. Repealed by P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/9008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-8)Sec. 9008. Report of examination. Upon completion of each examination, the Secretary may   make a report of examination to the board of directors of the  savings bank or other entity examined.  The report shall be read  by each director who shall then execute a signed statement that he has read the report.  The statement shall  be filed and retained by the savings bank or appropriate entity  examined and shall be examined by the Secretary during regular  examinations.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/9009
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (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.)
205 ILCS 205/9010
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

Sec. 9010. (Repealed).        (Source: P.A. 86-1213. Repealed by P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/9011
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-11)Sec. 9011. Record keeping and retention of records by a savings  bank.(a) Each savings bank is required to maintain appropriate  books and records, as required by the Secretary, that are in accordance  with generally accepted accounting principles and the requirements of  its insurer of accounts.  All books and records shall be current,  complete, organized, and accessible to the Secretary, the  Secretary's agents and examiners, and to the savings bank's  auditors and accountants.(b) Each savings bank shall implement internal control  and security measures for its data processing activities.  A contract with a data processing service or for data processing services  must provide that records maintained shall at all times be available for  examination and audit by the Secretary.(c) The Secretary may further regulate these matters by  the promulgation of rules concerning data processing.  As used  herein, "data processing" means all electronic or automated  systems of communication and data processing by computer.(d) Unless a federal law requires otherwise, the Secretary may   by regulation prescribe periods of time for  which savings banks operating under this Act must retain records  and after the expiration of which, the savings bank may destroy  those records.  No liability shall accrue against the savings bank,  the Secretary, or this State for destruction of records  according to regulations of the Secretary promulgated under the  authority of this Section.  In any cause or proceeding in which  any records may be called in question or be demanded by any  savings bank, a showing of the expiration of the period so  prescribed shall be sufficient excuse for failure to produce them.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/9013
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-13)Sec. 9013.     Examination of data processing centers.     The Commissioner may examine any data processing center that  provides data processing or related services to a savings bank with  the same frequency as the savings bank served.    (Source: P.A. 86-1213.)
205 ILCS 205/9014
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

Sec. 9014. (Repealed).        (Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 100-652, eff. 7-31-18.)
205 ILCS 205/9015
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 9 - Supervision

 (from Ch. 17, par. 7309-15)Sec. 9015. Unsafe and unsound practices; orders of prohibition and removal.(a) The violation of any of the following provisions of this  Act:  Article 5, subsection (b) of Section 4009, Section 7006, Section 9005, and Section 9014 is deemed to be an unsafe and unsound  practice and creates an unsafe and unsound condition in the savings bank.  The savings bank or the institution affiliated party responsible for the  violation may be subject to the assessment of civil money penalties and  other enforcement powers of the Secretary, as specified in this Article,  in Article 11, and by regulation of the Secretary.(b) Continued violation of any of those provisions after the  Secretary issues formal notice to correct shall subject the  directors of the savings bank at fault to immediate removal from  the board and to a permanent order of prohibition from direct or  indirect participation in the affairs of any financial institution  subject to this Act, the Illinois Savings and Loan Act of 1985, or the  Residential Mortgage License Act of 1987.(c) The Secretary may promulgate rules and regulations  to implement this Section.  (Source: P.A. 97-492, eff. 1-1-12.)