reglab/housing_qa huggingface dataset:
205 ILCS 205/4007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

 (from Ch. 17, par. 7304-7)Sec. 4007.     Proxies.(a) Voting at a meeting may be either in person or by  proxy executed in writing by the member or shareholder or by  his duly authorized attorney-in-fact.  The forms and wording  of all proxies must receive prior approval of the Commissioner.(b) No proxy shall be valid:(1) After 11 months from the date of its execution,     unless otherwise provided in the proxy.(2) Unless executed in an instrument separate from     other forms or documents relating to the member's accounts.(3) For any meeting at which the member who gave it     is present, provided that notice is given by the member in writing, prior to the taking of any vote, to an official whom the savings bank shall identify at the meeting as having responsibility for the matter.(4) Unless the member giving the proxy is told by the     person to whom it is given that the proxy is optional and that the voting rights it represents can be exercised by the member himself.   (Source: P.A. 86-1213.)
205 ILCS 205/4008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

 (from Ch. 17, par. 7304-8)Sec. 4008. Directors. The business and affairs of the savings bank shall  be exercised by its elected board of directors. The board of directors  shall consist of the number of directors fixed by the bylaws, but shall not  be fewer than 5. No more than 40% of the directors shall be salaried  employees of the savings bank, except that a higher percentage may be allowed  with the prior written approval of the Commissioner.  (Source: P.A. 98-1081, eff. 1-1-15.)
205 ILCS 205/4009
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

 (from Ch. 17, par. 7304-9)Sec. 4009. Bonds of officers and directors.(a) Every person appointed or elected to any position  requiring the receipt, payment, management, or use of money  belonging to a savings bank or whose duties permit or require  access to or custody of any of the savings bank's money or  securities or whose duties permit the regular making of entries in  the books or other records of the savings bank shall become bonded in some  trust or company authorized to issue bonds in this State or in a fidelity  insurance company licensed to do business in this State before assuming any  duties.  Each bond shall be on a form or forms as the Commissioner shall  require and in the amount as the board of directors shall fix and approve.  Each  bond, payable to the savings bank, shall be an indemnity for any loss  the savings bank may sustain in money or other property  through any dishonest or criminal act or omission by any person  required to be bonded, committed either alone or in concert with  others.  The bond shall be in the form and amount prescribed by  the Commissioner, who may at any time require one or more  additional bonds.  Each bond  shall provide that a cancellation thereof either by the surety or  by the insured shall not become effective unless and until 30 days  notice in writing first shall have been given to the Commissioner,  unless he shall have approved the cancellation earlier.(b) Nothing contained in this Section shall preclude the  Commissioner from proceeding against a savings bank as provided in  this Act should he believe that it is being conducted in an  unsafe manner in that the form or amount of bonds so fixed and  approved by the board of directors is inadequate to give reasonable  protection to the savings bank.  (Source: P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/4011
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

 (from Ch. 17, par. 7304-11)Sec. 4011.     Right to dissent.(a) A shareholder of a savings bank is entitled to dissent from and  obtain payment for his shares in the event of any of the following actions:(1) Consummation of a plan of merger or consolidation     or a plan of share exchange to which the savings bank is a party if (i) shareholder authorization for the merger or consolidation or the share exchange is required by this Act or the articles of incorporation, or (ii) the savings bank is a subsidiary that is merged with its parent or another subsidiary.(2) Consummation of a sale, lease, or exchange of all     or substantially all of the property and assets of the savings bank other than in the usual and regular course of business.(3) An amendment of the articles of incorporation     that materially and adversely affects rights in respect of a dissenter's shares because it:(A) alters or abolishes a preferential right of         shares;(B) alters or abolishes a right in respect of         redemption, including a provision respecting a sinking fund for the redemption or repurchase, of shares;(C) limits or eliminates cumulative voting rights         with respect to shares.(4) Any other action taken pursuant to a shareholder     vote if the articles of incorporation, bylaws, or a resolution of the board of directors provide that shareholders are entitled to dissent and obtain payment for their shares in accordance with the procedures set forth in this Act or as may be otherwise provided in the articles, bylaws, or resolution.(b) A shareholder entitled to dissent and obtain payment for his shares  under this Section may not challenge the corporate action creating his  entitlement unless the action is fraudulent with respect to the shareholder  or the corporation or constitutes a breach of a fiduciary duty owed to the  shareholder.(c) A record owner of shares may assert dissenters' rights as to fewer  than all the shares recorded in the person's name only if the person  dissents with respect to all shares beneficially owned by any one person  and notifies the savings bank in writing of the name and address of each  person on whose behalf the record owner asserts dissenters' rights.  The  rights of a partial dissenter are determined as if the shares as to which  dissent is made and the other shares were recorded in the names of  different shareholders.  A beneficial owner of shares who is not the  record owner may assert dissenters' rights as to shares held on that  person's behalf only if the beneficial  owner submits to the savings bank  the record owner's written consent to the dissent before or at the same time  the beneficial owner asserts dissenters' rights.    (Source: P.A. 86-1213.)
205 ILCS 205/4012
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

 (from Ch. 17, par. 7304-12)Sec. 4012. Procedure to dissent.(a) If the action giving rise to the right to dissent is to be approved  at a meeting of shareholders, the notice of meeting shall inform the  shareholders of their right to dissent and the procedure to dissent.  Prior  to the meeting, the savings bank shall furnish to the shareholders material  information with respect to the transaction that will enable a shareholder to  objectively vote on the transaction and to determine whether or not to  exercise dissenters' rights.  A shareholder may assert dissenters' rights  only if the shareholder delivers to the savings bank, before the vote is  taken, a written demand for payment for his shares if the proposed action is  consummated and the shareholder does not vote in favor of the proposed action.(b) If the action giving rise to the right to dissent is not to be  approved at a meeting of shareholders, the notice to shareholders  describing the action taken shall inform the shareholders of their right to  dissent and the procedure to dissent.  Prior to, or concurrently with, the  notice the savings bank shall furnish to the shareholders material  information with respect to the transaction that will enable a  shareholder to objectively determine whether or not to exercise dissenters'  rights.  A shareholder may assert dissenters' rights only if he delivers to  the savings bank within 30 days from the date of mailing the notice a  written demand for payment for his shares.(c) The Secretary may promulgate rules to govern the procedure to  be used by savings banks and dissenters in arriving at a value and price  for dissenters' shares, as well as how distribution shall be made.  In no  case shall the rules be more restrictive than the provisions applicable to  ordinary corporations under the Business Corporation Act of 1983.  (Source: P.A. 97-492, eff. 1-1-12.)
205 ILCS 205/4014
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 4 - Membership

(205 ILCS 205/4014)Sec. 4014.     Waiver of notice.     Whenever any notice whatsoever is required  to  be given under  this Act or under the provisions of the articles of incorporation or bylaws  of a savings bank, a waiver thereof in writing signed by the person  entitled to the notice, whether before or after the time stated therein, shall  be deemed equivalent to the giving of the notice.  Attendance at any meeting  shall constitute waiver of notice thereof unless the person at the meeting  objects to the holding of the meeting because proper notice was not given.    (Source: P.A. 91-97, eff. 7-9-99.)
205 ILCS 205/Art. 5 heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 ARTICLE 5.      Capital
205 ILCS 205/5001
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-1)Sec. 5001. Minimum capital.(a) A savings bank may be organized to exercise the powers conferred by  this Act with minimum capital, surplus, and reserves for operating expenses  as determined by the Commissioner.   In no case may the Commissioner establish requirements for insured  savings banks at a level less than that required for insurance of accounts.  For any savings bank other than those resulting from conversion from an  existing financial institution to one operating under this Act, the  Commissioner must establish capital requirements no less stringent than  those required of banks chartered under the Illinois Banking Act.(b) No savings bank may commence business until it has capital as required  by the Federal Deposit Insurance Corporation.(c) Each depository institution converting to a savings bank, before  declaration of a dividend on its capital stock, must maintain the minimum  capital standards as required by the Federal Deposit Insurance Corporation.  (Source: P.A. 100-201, eff. 8-18-17.)
205 ILCS 205/5002
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-2)Sec. 5002.     Types of capital; personal property.(a) The capital of a stock savings bank shall be represented  by capital stock and noncumulative perpetual preferred stock as  authorized by the articles of incorporation, related paid-in surplus,  retained earnings, and other forms of capital deemed  to be qualifying capital by the insurance corporation providing  insurance of the savings bank's deposits.(b) The capital of a mutual savings bank shall be represented  by retained earnings and other forms of capital deemed to be  qualifying capital by the insurance corporation providing insurance  of the savings bank's deposits.(c) All shares and capital accounts shall be personal  property and transferable as provided  in this Act and the bylaws of the savings bank.    (Source: P.A. 86-1213.)
205 ILCS 205/5003
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-3)Sec. 5003.     Capital stock; nature.     Capital stock shall constitute a secondary reserve out of  which losses shall be paid after all other available reserves have  been exhausted and shall have a par value of $1 each or  a greater amount as the articles of incorporation may prescribe.  The shares shall be:(1) Nonwithdrawable, except as provided in Section     5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.(2) Entitled to dividends only as provided in Section     5008.(3) Issued only upon cash payment of not less than     the par value thereof; in connection with a merger, sale of all assets, or conversion; or as stock dividends as provided in Section 5008.   (Source: P.A. 86-1213.)
205 ILCS 205/5004
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-4)Sec. 5004.     Capital stock; authorization of issuance.     A savings bank may provide for the issuance of capital stock,  either by its original articles of incorporation or by an amendment  thereto in accordance with rules and regulations promulgated by the  Commissioner.    (Source: P.A. 86-1213.)
205 ILCS 205/5005
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-5)Sec. 5005.     Retirement or reduction of capital stock.(a) The board of directors of a savings bank operating with  capital stock may propose an amendment to the articles of  incorporation providing for the retirement of all of the capital  stock and a detailed plan for effectuating the amendment.  The  resulting capital of the savings bank shall be not less than the  minimum initial capital that the savings bank, if it were being  organized, would be required to have by the Commissioner under this  Act.  The proposal shall be submitted to the Commissioner for his  approval.(b) If the Commissioner approves the proposal, the savings  bank's board of directors may request in writing an appraisal of  the value of the capital stock, and the Commissioner then shall  cause an appraisal to be made at the expense of the savings  bank.(c) The proposal then shall be submitted to the shareholders  at an annual or special meeting.  It shall be adopted upon  receiving in the affirmative the votes of the holders of two-thirds or  more of the outstanding shares of capital stock.  The proposal  takes effect upon completion of the procedure provided in this Act  for the amendment of articles of incorporation.(d) A savings bank may amend its articles of incorporation  in accordance with the procedure provided in this Act for those  amendments to reduce its capital stock, but in no event to an  amount that is less than the minimum capital stock that the  savings bank would be required by this Act to issue if it were  newly authorized to issue capital stock.    (Source: P.A. 86-1213.)
205 ILCS 205/5006
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-6)Sec. 5006.     Who may hold capital.     Capital stock of a savings bank may be held:(1) By any individual in his own right, regardless of     age or marital status, or by 2 or more individuals.(2) By a fiduciary when authorized by law.(3) By a government or governmental instrumentality     when authorized by law.(4) By any corporation or other person when not     prohibited by law.   (Source: P.A. 86-1213.)
205 ILCS 205/5007
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-7)Sec. 5007.     Capital Maintenance.(a) Each savings bank shall maintain total capital of not  less than 3% of total assets.  This standard is the minimum  acceptable for a savings bank whose overall financial condition is  fundamentally sound and that is well managed.  When the  Commissioner determines that the financial condition or history,  management, or earnings prospects are not adequate, the  Commissioner may determine that a higher minimum capital level is  required for the savings bank.(b) A savings bank shall maintain total capital necessary to  ensure the continuation of insurance of its deposit accounts by the  insurance corporation.(c) The board of directors may establish and maintain  special reserves, as they may deem advisable, to provide for losses  or liabilities. Losses may be charged to those reserves as the board  of directors may determine.(d) Any savings bank with total capital less than 3% of total  assets shall be deemed to be operating in an unsafe and unsound  condition and shall be subject to the imposition of restrictions,  sanctions, or penalties as provided for under this Act.    (Source: P.A. 86-1213.)
205 ILCS 205/5008
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

 (from Ch. 17, par. 7305-8)Sec. 5008.     Dividends.(a) Subject to the restrictions set forth in this Section and  the savings bank's bylaws, the board of directors from time to  time may declare dividends on capital stock subject to the  following restrictions:(1) No dividends may be declared when the total     capital of the savings bank is less than that required by Section 5007 of this Act.(2) The board of directors may quarterly,     semiannually, or annually declare a dividend on capital stock of so much of the net profits of the savings bank that they shall determine expedient, except that until the paid-in surplus of the savings bank shall equal its capital stock, no dividend shall be declared unless there has been transferred to paid-in surplus not less than 10% of the net profits of the preceding half year in the case of quarterly or semiannual dividends, or not less than 10% of the net profits for the preceding 2 half year periods in the case of annual dividends.  A stock dividend may be declared out of retained earnings at any time.(b) The written approval of the Commissioner shall be  required by a savings bank having total capital of less than 6% of total  assets before any dividends on capital stock that exceed 50% of the  savings bank's net profits of that year may be declared by  a savings bank in any year.  A savings bank may not declare dividends in excess of the savings bank's  net profits in any year without the approval of the Commissioner.(c) For the purpose of this Article the term "net profit"  means the remainder of all earnings from current operations  plus actual recoveries on loans, investments, and other assets  after deducting all current expenses, including dividends or  interest on deposit accounts, additions to reserves  as required by the Commissioner, actual losses, accrued dividends  on preferred stock, if any, and all State and federal taxes.    (Source: P.A. 89-74, eff. 6-30-95; 89-320, eff. 1-1-96.)
205 ILCS 205/5009
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 5 - Capital

(205 ILCS 205/5009) (from Ch. 17, par. 7305-9)Sec. 5009.     Loans or discounts on capital stock.     A savings bank may not make a loan or discount on the security of  or be the purchaser or holder of the shares of its own capital  stock or preferred stock or on the security of its own debentures  or evidences of its debt that are convertible to capital stock or  are junior or subordinate in rights of payment to deposit or other  liabilities of the savings bank, unless the security or purchase  shall be necessary to prevent loss on a debt previously contracted  in good faith; and the stock or evidence of indebtedness acquired  or purchased shall, within 6 months from the time of its  acquisition, be sold or disposed of at public or private sale.    (Source: P.A. 86-1213.)
205 ILCS 205/Art. 6 heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 ARTICLE 6.      Investments
205 ILCS 205/6004
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-4)Sec. 6004.     Calculation of interest; postpayments and prepayments.(a) In any contract or loan that is secured by a mortgage,  deed of trust, or conveyance in the nature of a mortgage for the  purpose of purchase or refinance of residential real estate, the  interest that is computed, calculated, charged, or collected  pursuant to the contract or loan, or pursuant to any regulation  or rule promulgated under this Act, may not be computed,  calculated, charged or collected for any period of time occurring  after the date on which the total indebtedness, with the exception  of late payment penalties, is paid in full.(b) For purposes of this Section, a prepayment means  the payment of the total indebtedness, with the exception of late  payment penalties if incurred or charged, on any date before the  date specified in the contract or loan agreement on which the total  indebtedness shall be paid in full, or before the date on which all  payments, if timely made, shall have been made.  In the event of  a prepayment of the indebtedness that is made on a date after the  date on which interest on the indebtedness was last computed,  calculated, charged, or collected but before the next date on which  interest on the indebtedness was to be calculated, computed,  charged, or collected, the lender may calculate, charge, and collect  interest on the indebtedness for the period that elapsed between  the date on which the prepayment is made and the date on which  interest on the indebtedness was last computed, calculated, charged,  or collected at a rate equal to 1/360 of the annual rate for each  day which so elapsed, which rate shall be applied to the  indebtedness outstanding as of the date of prepayment.  The lender  shall refund to the borrower any interest charged or collected  that exceeds that which the lender may charge or collect under  this subsection.    (Source: P.A. 86-1213.)
205 ILCS 205/6005
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-5)Sec. 6005.     General loan contract provisions.     Each loan and any agreement for securing the loan shall be  evidenced by one or more written instruments, consistent with sound  lending practices in the locality.  Whenever recordation of an  instrument is necessary to establish priority over the claim of any  third party, the instrument shall be recorded.    (Source: P.A. 86-1213.)
205 ILCS 205/6006
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 6 - Investments

 (from Ch. 17, par. 7306-6)Sec. 6006.     Modification agreements.     A savings bank, at any time, may enter into a written  agreement with a borrower to modify, in any manner not  inconsistent with the provisions of this Act, the terms of a loan  as to the amount, time or method of the payments to be made, the  interest rate, and any other provision of the loan contract, and the  loan contract and the security instrument shall not be prejudiced  by the making of any modification, even if a modification  was not provided for in the loan contract.    (Source: P.A. 86-1213.)