205 ILCS 205/8011
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 205/ - Savings Bank Act.|Article 8 - Voluntary Corporate Changes

 (from Ch. 17, par. 7308-11)Sec. 8011.     Authority to form a bridge charter.(a) Any savings bank operating in Illinois under this Act may  form a bridge, vehicle, or other interim  charter as a means to effect a corporate restructuring,  a voluntary corporate change, or other transformation that does not  in reality create an additional new depository institution, but  that shall move insured liabilities from one depository institution  to another pursuant to a change in control, change in method of  ownership, merger, or other charter change that results in no new  net insurable deposits.  That charter or institution shall be  known as an interim, vehicle, bridge, or pass-through charter  or institution and may become or receive the continuing or  surviving depository institution or may be a conduit through which  an existing depository institution's assets, liabilities, fixtures, personnel,  rights, and property of every type are passed in order to effect  a desirable corporate change.  In connection with the formation of  that type of institution, an existing depository institution may amend,  modify, or add to its articles of incorporation and bylaws to remove any  depository function and to remove any deposits that would require insurance  of accounts under Section 1005 of this Act.(b) Application to form an entity under authority of this  Section shall be made on forms to be prescribed by the  Commissioner.  The Commissioner may issue rules and regulations to  govern the formation of, and the standards and supervisory  considerations to be applied to, the charters.(c) If a savings bank operating under this Act desires to  apply for a permit to organize a new depository institution in order to  facilitate or effect a corporate restructuring, to alter or  relocate the depository institution's ownership, to effect a merger, sale or  purchase of assets or in order to facilitate conversion to another  charter, the Commissioner shall require the filing of an  application to create a transitional charter.(d) The application shall contain the following:(1) The names and addresses of the organizers with     information as required by Article 3.(2) Any accompanying filings required by other     regulatory authorities.(3) A statement from the applicant's certified public     accountant describing and analyzing the method to effect the transaction.(4) A 5-year plan for the resulting depository     institution and for any corporate remnant of the original depository institution regarding the disposition, acquisition, or expansion of assets; capital enhancement; disposition of earnings and profits; and geographic or other expansion or contraction.(5) The purpose of the new entity with documentation     as required by the Commissioner.(6) Whether the core base deposits will be expanded     in a manner that would require increased insurance of accounts together with details for the appropriate filings.(7) Ownership structure including any contemplated     sales of stock of subsidiaries, affiliates, or parent companies, as well as of the savings bank.(8) Articles of incorporation and bylaws of the     original, interim, and resulting institutions.   (Source: P.A. 86-1213.)