2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 115/ - Savings and Loan Share and Account Act.

(205 ILCS 115/0.01) (from Ch. 17, par. 3600)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Savings and Loan Share and Account Act.
(Source: P.A. 86-1324.)
(205 ILCS 115/1) (from Ch. 17, par. 3601)
Sec. 1. 
		
		Any savings and loan or Federal savings and loan association may issue
shares, share accounts or accounts to individuals, irrespective of age or
marital status, each in their own right. Any payment or delivery of rights
to any individual, or a receipt or acquittance signed by an individual, who
holds shares, share accounts or accounts, shall be a valid and sufficient
release and discharge of any such association for any payment on such
shares, share accounts or accounts, or delivery of rights, to such
individual.
(Source: P.A. 78-841.)
(205 ILCS 115/2) (from Ch. 17, par. 3602)
Sec. 2. 
		
		Any savings and loan or Federal savings and loan association may
issue shares, share accounts or accounts in the joint names of two or more
persons or their survivor, in which event any of such persons shall have
power to act in all matters related to such shares, share accounts or
accounts whether the other person or persons named in such shares, share
accounts or accounts be living or not. Such a joint account shall create a
single membership in any such association. The repurchase or redemption or
withdrawal value of shares, share accounts or accounts issued in joint
names, and dividends thereon, or other rights relating thereto, may be paid
or delivered, in whole or in part, to any of such persons, whether the
other person or persons be living or not. The payment or delivery to any
such person, or a receipt or acquittance signed by any such person, to whom
any such payment or any such delivery of rights is made, shall be a valid
and sufficient release and discharge of any such association for the
payment or delivery so made.
(Source: Laws 1939, p. 478.)
(205 ILCS 115/3) (from Ch. 17, par. 3603)
Sec. 3. 
		
		Any savings and loan or Federal savings and loan association
may issue shares, share accounts or accounts in the name of any
administrator, executor, guardian, trustee or other fiduciary, in trust
for a named beneficiary or beneficiaries. Any such fiduciary shall have
power to vote as a member as though the shares, share accounts or
accounts were held absolutely, to make payments upon and to surrender
any such shares, share accounts or accounts, in whole or in part. The
repurchase, redemption, or withdrawal value of any such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may be paid or delivered, in whole or in part, to such
fiduciary, without regard to any notice to the contrary. The payment or
delivery to any such fiduciary, or a receipt or acquittance signed by
any such fiduciary, to whom any such payment, or any such delivery of
rights, is made, shall be a valid and sufficient release and discharge
of any such association for the payment or delivery so made. Whenever a
person holding shares, share accounts or accounts in a fiduciary
capacity dies and no written notice of the revocation or termination of
the trust relationship shall have been given to any such association,
the repurchase or redemption or withdrawal value of such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may, at the option of the association, be paid or delivered, in
whole or in part, to the beneficiary or beneficiaries of such trust. The
payment or delivery to any such beneficiary or beneficiaries, or a
receipt or acquittance signed by any such beneficiary or beneficiaries
for any such payment or delivery, shall be a valid and sufficient
release and discharge of any such association for the payment or
delivery so made.
(Source: Laws 1939, p. 478.)