reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1210 - Liquidation Account and Proxies

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Each mutual savings bank converting to form a holding company must establish a
				"liquidation account" for members of the mutual savings bank before conversion.
				The liquidation account may be maintained at a holding company level or by the
				savings bank. The total amount allocated to the liquidation account shall be
				equivalent to the amount of stock issued to the holding company by the stock
				subsidiary upon infusion of assets and liabilities to the stock
				subsidiary.
b) Each member of the
				liquidation account who maintains an account in the stock subsidiary savings
				banks shall be entitled, upon liquidation of the mutual holding company, to a
				fractional share of the value of the mutual holding company. The numerator of
				the fractional share shall be the amount of qualifying deposits in the member's
				account on the record eligibility date, which date shall be set by the board of
				directors in their Plan of Conversion and/or application to form a mutual
				holding company, and/or the supplemental eligibility record date and the
				denominator of the fractional share shall be the total amount of qualifying
				deposits of all eligible and supplemental eligible account holders in the
				converting mutual savings bank on the eligibility record date. Any plan to
				liquidate the mutual holding company must be approved by the Director and must
				satisfy all claims of creditors, including liquidation account holders. Any
				remaining value in the mutual holding company shall be transferred to the
				capital accounts of the subsidiary stock savings banks.
c) All proxies previously executed and
				assigned by members of the mutual savings bank converting to form a holding
				company shall remain valid and effective without impairment as long as the
				member maintains an account in the new stock savings bank.
d) A liquidation account need not be
				established under this Section if one is established under Section
				1075.1225 and
				Subpart O of this Part.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1215 - Mutual Holding Company Ceasing to be a Depository Institution

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each mutual
				savings bank that converts to holding company status in conjunction with the
				chartering of a stock subsidiary shall be issued a "restated or amended
				charter" as a mutual holding company by the Director and the organization
				directors shall either return the original charter, insurance undertakings and
				certificate of insurance to the issuing authority, as evidence of ceasing to be
				an insured depository institution or may transfer them to the stock subsidiary
				with permission of the Director. The Director's permission shall be given upon
				successful completion of an examination to assure conformance with regulatory
				and statutory requirements.
b) Upon
				the issuance of the charter of a stock savings bank by the Director, a mutual
				holding company shall cease to be a savings bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1220 - Directors of a Mutual Holding Company

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each new board of directors for the mutual
				holding company shall be selected by vote of members, in a process to be
				determined by the bylaws of each entity.
b) Each board of directors shall have at
				least five members.
c) Sections
				4008, 4009, 4010, and Article 11 of the Act shall apply to a mutual holding
				company with regard to organization directors' vacancies, organization
				directors' attendance at meetings, qualifications to be an organization
				director, enforcement powers, and similar matters, except that the mutual
				holding company may file a written request for waiver of compliance with any
				provision with the Director. The request must provide detailed discussion of
				the grounds for the request. In determining whether to grant a waiver of
				compliance, the Director shall consider the following factors, including, but
				not limited to:
1) whether applications of
				those provision to mutual holding companies would be inappropriate because the
				provisions are drafted for savings banks;
2) whether a mutual holding company and its
				subsidiary meet or exceed all applicable capital requirements and are not in
				violation of any statutes or rules;
3) whether there are pending contested
				regulatory matters; and
4) whether
				waiver would work undue hardship or result in undue advantage or risk,
				prejudicing a situation currently or in the future.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1225 - Stock Issuance Plan

Current through Register Vol. 48, No. 28, July 12, 2024
If the reorganizing savings bank offers stock to any party
				  other than the mutual holding company, it shall submit a stock issuance plan
				  that meets the following conditions:
a) At all times, a mutual holding company
				shall own and control more than 50% of each class of common stock and more than
				50% of the capital stock in the aggregate, issued by the resulting savings
				bank, any acquiree savings bank, or any savings bank, in the mutual form when
				acquired. The foregoing restriction shall not apply to an acquisition by a
				mutual holding company of a pre-existing depository institution.
b) Any capital stock issued and offered for
				sale by a subsidiary savings bank as described in subsection (a) of this
				Section, to persons other than the mutual holding company, shall be offered in
				accordance with Subpart O of this Part, but subject to subsection (d) of this
				Part except that:
1) the words "mutual
				savings bank" shall refer to resulting savings banks or acquiree savings
				banks;
2) references to conversion
				from mutual to stock form shall refer to mutual holding company
				reorganization;
3) the words "plan
				of conversion" shall refer to the Reorganization Plan;
4) the words "total offering', and "offering"
				shall refer to the minority portion of the capital stock issuance that may be
				offered and purchased by persons other than the mutual holding
				company;
5) Sections
				1075.1990
				and
				1075.2170
				of this Part shall not apply;
6) At
				Section
				1075.2110
				of this Part, the reference to Section
				1075.2160
				of this Part shall not apply and the words "converted savings bank" shall refer
				to the resulting stock savings bank;
7) Nothing in Section
				1075.2150
				of this Part shall interfere with the requirements of subsection (a) of this
				Section; and
8) At Section
				1075.1950
				of this Part, receipt of a liquidation distribution from the liquidation
				account shall be in the event of a complete liquidation of the mutual holding
				company rather than the converted savings bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1230 - Stock of a Subsidiary of a Mutual Holding Company

Current through Register Vol. 48, No. 28, July 12, 2024
a) A resulting savings bank shall issue
				shares to the holding company only after sufficient assets to match transferred
				deposit liabilities are transferred to the resulting savings bank and, if
				applicable, an acquiree savings bank and after written confirmation of
				continuation of insurance of accounts is received from the deposit insurance
				corporation.
b) Stock issuance
				shall initially be only common stock, but other classes of stock may be issued
				upon application to and approval by the Director.
c) Each share of common stock shall entitle
				its owner to one vote.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1235 - Stock Subsidiary Formation

Current through Register Vol. 48, No. 28, July 12, 2024
In conjunction with the formation of a resulting savings bank
				  of a mutual holding company, the requirements of Article 3, Incorporation and
				  Organization, of the Act shall apply with the following additions.
a) In the case of a change of corporate form,
				which does not alter the assets and liabilities of the reorganizing savings
				bank, or any acquiree savings bank, as transferred to the resulting savings
				bank with regard to their amount or quality, the "minimum initial
				capital...which would be required to obtain insurance of accounts by the
				Federal Deposit Insurance Corporation" shall mean the amount of minimum capital
				which the reorganizing savings bank, or any acquiree savings bank, was required
				to have to maintain its federal insurance of accounts.
b) The application to organize shall be made
				by the organization directors of the reorganizing savings bank. Copies of
				organization directors' and officers' affidavits and statements of personal
				interest from the last 5 years' examination reports may be submitted to the
				Director to the extent that they provide business and financial information on
				affiliations with any other financial institutions. Each applicant shall submit
				amendments to these materials to provide omitted, but required,
				information.
c) Exhibits and maps
				shall display the original and new savings bank's customer area, and provide
				quarterly Federal and/or State reports for the four quarters preceding
				application, as well as the reorganizing savings bank's last 2 audited
				financial statements.
d) The
				Director may require information as to:
1) how
				stock shall be distributed. Such reports shall be required upon formation of
				the holding company, before issuance or marketing of stock and at any other
				time necessary to ensure fundamental fairness to stockholders, members,
				depositors and for reasons related to the safe and sound financial operation of
				any resulting savings bank, acquiree savings bank, or pre-existing depository
				institution;
2) the form and manner
				of expressing ownership; and
3) the
				amount of treasury stock that shall be held and any planned issuances of
				capital stock or equity securities, with projected dates and amounts.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1245 - Members' Rights

Current through Register Vol. 48, No. 28, July 12, 2024
Rights of members of the resulting savings bank, acquiree
				  savings bank, any savings banks in the mutual form when acquired shall be
				  transferred to the mutual holding company, except that a savings bank may
				  eliminate borrowers' rights in the process of forming the holding company by
				  incorporating a new definition of membership in the holding company's and
				  subsidiaries' Articles of Incorporation. Each depositor in the resulting
				  savings bank, an acquiree savings bank, and any savings banks in the mutual
				  form when acquired shall be a member of the mutual holding company and shall
				  have one vote for each $100 of value of each account; notwithstanding the
				  foregoing restriction, a mutual holding company may upon giving notice to the
				  Director limit the number of votes cast by any persons to 1000 votes unless the
				  Director finds upon review of relevant law and facts, the limitation is
				  inequitable to depositors.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1250 - Investment

Current through Register Vol. 48, No. 28, July 12, 2024
A mutual holding company may invest in the stock of or other
				  forms of equity ownership of any company or entity which the board of directors
				  determines to be in the best interests of stock owners and depositors, and such
				  investment shall be documented in the holding company's minutes with reference
				  to items such as price/earnings rates, future prospects, sources of income,
				  level of risk, compatibility with the overall business plan of the holding
				  company and complete disclosure of any organization directors', officers',
				  employees' or 5% or more stockholders' interests in the
				  entity.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1255 - Notice Requirement/Corrective Action

Current through Register Vol. 48, No. 28, July 12, 2024
A holding company shall give immediate written notice to the
				  Director of any corrective action ordered or requested by a governmental
				  agency, relative to the financial affairs of the holding company, except those
				  actions ordered by the Director. A holding company shall give written notice
				  before acting upon such orders or requests, except when such order is effective
				  immediately upon receipt. The method of transmittal shall be by messenger mail,
				  private messenger service or telefax transmittal. Any such corrective actions
				  required to be performed immediately shall be reported to the Director within
				  24 hours after receipt.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1260 - Insider Abuses

Current through Register Vol. 48, No. 28, July 12, 2024
Matters or issues resulting from apparent wrongdoing,
				  including insider abuses, shall be brought to the Director's attention within
				  10 business days after discovery, by the appropriate management personnel of
				  the holding company. Copies of any required reports, including police and
				  Federal Bureau of Investigation reports, shall be included with the
				  notification to the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1265 - Determination of the Qualification and Condition of an Out-of-State Acquisition

Current through Register Vol. 48, No. 28, July 12, 2024
When requested, the Director shall review the laws of any
				  state to determine whether the laws of that state expressly authorize an
				  Illinois savings bank holding company to acquire a savings bank or savings bank
				  holding company in that state. The Director shall issue a finding that such
				  other state law either does or does not provide qualifications and conditions
				  that are unduly restrictive for the acquisition when compared to those imposed
				  by the laws of Illinois.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1270 - Acquisition and Disposal of Subsidiaries

Current through Register Vol. 48, No. 28, July 12, 2024
a) As permitted by the Act, this Part, and
				applicable federal law, a mutual holding company, with approval of its board of
				directors, the Director, and its members, may:
1) acquire control of, or make
				non-controlling investments in the stock of, a stock depository institution or
				stock depository institution holding company;
2) acquire a mutual savings bank, upon
				approval of acquiree's board of directors and members, pursuant to a merger
				into the resulting savings bank, into an acquiree savings bank, or into another
				savings bank that was in the mutual form when acquired or with a bridge
				charter;
3) acquire a mutual
				savings bank or savings bank holding company, upon approval of the acquiree's
				board of directors and members, by merging with the mutual savings bank holding
				company;
4) acquire control of, or
				make non-controlling investments in the stock of, other corporations.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1275 - Dividend Limitations and Waivers

Current through Register Vol. 48, No. 28, July 12, 2024
a) No subsidiary savings bank may declare or
				pay a cash dividend on or repurchase any of its capital stock unless the
				declaration or payment of the dividend or repurchase would be in accordance
				with the requirements of Section 5008 of the Act and would not reduce the
				capital of the converted savings bank below the greatest of:
1) the amount required for the liquidation
				account;
2) the amount required by
				the Director; or
3) the amount
				required by federal law.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1280 - Officers and Organization Directors List

Current through Register Vol. 48, No. 28, July 12, 2024
The secretary of each holding company shall submit to the
				  Director a list of all officers and organization directors of the holding
				  company. This list shall be submitted within 10 days after the election of the
				  holding company's board of directors, and any changes or additions in the list
				  shall be submitted to the Director within 10 days after the occurrence of the
				  change or addition. Along with the list there shall also be submitted an
				  affidavit executed by each officer and organization director containing a
				  statement that shall set forth details as to the present and, for the 5 years
				  preceding, the business of every officer and organization director and the
				  nature of their prior affiliations with any financial institution and its
				  subsidiaries, holding company or subsidiary of a financial institution holding
				  company.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1290 - Annual Audit Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Every holding company shall cause its books and records to be
				  audited at least once annually by an independent licensed public accountant.
				  The Director shall receive a copy of the licensed public accountant's annual
				  audit report, along with all supporting documentation. The report of audit
				  shall be on a consolidated basis unless, in the auditor's opinion, certain
				  subsidiaries or parent entities should be reported on separately. If separate
				  reports are prepared, they should be prepared on the same basis as the report
				  on the holding company.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1295 - Maintenance of Records

Current through Register Vol. 48, No. 28, July 12, 2024
Every holding company shall maintain such corporate books and
				  records as may be necessary to facilitate a full, complete examination of the
				  activities of the entity. While the books and records will be primarily of an
				  accounting nature, certain other records such as minutes of meetings shall be
				  required to document review and approval of activities and plans.
a) All accounting records shall be maintained
				in accordance with The Act.
b) All
				stock entities shall at a minimum maintain or cause to be maintained on their
				behalf full, complete lists of stockholders including address, state of
				residence, taxpayer identification number, amount of stock owned, and any other
				data necessary to determine the principals and ownership of the
				entity.
c) All holding companies
				shall prepare and maintain a full, complete book of minutes for meetings of the
				board of directors, executive management committees, and other meetings wherein
				business of a substantial nature is contemplated or transacted. This
				requirement shall be in effect for all subsidiary entities of the holding
				companies as well.
d) Primary
				records such as books of record and source documents shall be maintained by the
				individual holding company for a period of not less than seven (7) years,
				provided that if a longer retention period is prescribed by another regulatory
				body having jurisdiction over the holding company, that longer period shall be
				followed.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1300 - Notice of Appointment of Independent Accountants

Current through Register Vol. 48, No. 28, July 12, 2024
a) Notice shall be made to the Director of
				the appointment of the licensed public accountant not less than 60 days before
				the fiscal year-end of the holding companies. Any change in the licensed public
				accountants shall be forwarded to the Director within 60 days after the change
				along with a letter from the replaced accountant stating whether the change,
				was the result of a dispute over the accounting treatment of a material
				matter.
b) Copies of the Annual
				Audit shall be filed, in triplicate, with the Division of Banks and Real Estate
				within 90 days after the fiscal year-end of the registrant.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart J - SAVINGS BANK HOLDING COMPANIES › Section 1075.1330 - Conversion of Mutual Holding Companies

Current through Register Vol. 48, No. 28, July 12, 2024
With approval of the Director, upon a finding by the Director
				  that the conversion complies with applicable law, has received necessary
				  approvals under federal law, and is not inequitable to members or injurious to
				  a savings bank, a mutual holding company may convert to a capital stock holding
				  company. Any capital stock issued and offered for sale by a converting holding
				  company shall be offered in accordance with Subpart O of this Part except
				  that:
a) The words "mutual savings
				bank" shall refer to mutual holding company.
b) Section
				1075.2170
				of this Part shall not apply unless a subsidiary depository institution does
				not meet applicable capital requirement and the mutual holding company is
				unable to meet the requirements of the applicable net worth agreement entered
				into under Section
				1075.1240
				of this Part.
c) Requirements in
				Subpart O of this Part for filing presentation or disclosure of financial,
				regulatory operations or management information shall apply to either the
				mutual holding company or its subsidiaries, or both, whichever filing,
				presentation or disclosure provides, as determined by the Director, the most
				complete description of the mutual holding company and its
				subsidiaries.
d) Stock issued
				pursuant to Section
				1075.1225 of
				this Subpart may be exchanged for stock issued by the mutual holding company in
				a conversion of the mutual holding company to stock form under this Section if
				the mutual holding company demonstrates that the exchange is equitable to the
				subsidiary depository institution and the mutual holding company
				members.
e) The Director may waive
				a requirement of Subpart O of this Part upon a finding that the waiver is not
				injurious or inequitable to the mutual holding company or its subsidiaries,
				that it is not inequitable to members or eligible account holders, that the
				conversion, if the waiver is granted, provides the equivalent protections and
				opportunities as a conversion that fully complies with Subpart O of this Part
				and this Section, and that no other course of action that fully complies with
				Subpart O of this Part and this Section exists.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1400 - Scope of Rules

Current through Register Vol. 48, No. 28, July 12, 2024
No existing depository institution shall convert to an
				  Illinois savings bank without the written approval of the Director pursuant to
				  this Subpart.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1405 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Words or terms that are defined in The Act shall retain the
				  same meaning when used in these regulations.
"APPLICANT" means an existing depository institution that has
				  applied to convert to an Illinois savings bank pursuant to these
				  provisions.
"CONVERSION PLAN" means a plan adopted by an existing
				  depository institution in order to convert into an Illinois savings bank
				  pursuant to these regulations.
"CONVERTING DEPOSITORY INSTITUTION" or "CONVERTING
				  INSTITUTION" means an existing depository institution that is in the process of
				  converting to an Illinois savings bank.
"RESULTING SAVINGS BANK" means an existing depository
				  institution that has converted to an Illinois savings bank pursuant to these
				  regulations.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1410 - General Rules for Conversion Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) An application for conversion shall be
				approved only if the Director finds that:
1)
				the conversion plan adopted by the applicant's board of directors or trustees
				(board), and all documentation submitted in support of the application for
				conversion complies with the provisions of this Part, the Act, and other
				applicable provisions of law;
2)
				the resulting savings bank will operate in a safe, sound and prudent
				manner;
3) the conversion plan will
				result in a savings bank that has adequate capital, and satisfactory management
				and earnings prospects as prescribed in the Act;
4) the owners and organization directors of
				the converting depository institution and of the resulting savings bank are
				qualified by character and financial responsibility to legally and properly
				control and operate the proposed savings bank to be formed as a result of the
				conversion plan;
5) the converting
				depository institution has taken steps to obtain insurance of accounts from the
				deposit insurance corporation;
6)
				the conversion plan is equitable to account holders, borrowers, creditors,
				employees or stockholders and is in the public interest; and
7) the converting institution has paid all
				outstanding bills for supervisory fees, examination fees, and penalties
				associated with its original charter.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1415 - Adopting and Filing of a Conversion Plan

Current through Register Vol. 48, No. 28, July 12, 2024
a) The board of directors of an existing
				depository institution desiring to convert in accordance with this Part shall
				adopt a conversion plan at a meeting of the board of directors.
b) Upon the adoption of the conversion plan
				as provided in subsection (a), an existing depository institution shall file
				with the Director 3 copies of the application for approval of a Plan of
				Conversion, which shall include the conversion plan and each document required
				to be part of the conversion plan. The application shall be in the form
				required by the Director.
c) An
				application for approval of a conversion plan shall be on forms prescribed by
				the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1430 - Issuance of Certificate of Approval

Current through Register Vol. 48, No. 28, July 12, 2024
The Director, upon approving a conversion plan, shall issue a
				  certificate of approval of the conversion plan which shall authorize the
				  applicant to proceed with its conversion plan. The Director may add such
				  conditions to the certificate of approval as he or she considers
				  necessary.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1435 - Final Approval of the Conversion

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon a determination by the Director that
				all applicable requirements of law have been met, including the surrender of
				the original charter, the Director shall issue to the applicant a Certificate
				of Authority to Operate. The savings bank shall then file its amended charter
				and Articles of Incorporation as an Illinois savings bank with the County
				Recorder in the county in which the savings bank is headquartered.
b) Upon filing, the applicant shall be an
				Illinois savings bank under sole supervision of the Director and of the Federal
				Deposit Insurance Corporation.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1440 - Powers of Resulting Savings Bank

Current through Register Vol. 48, No. 28, July 12, 2024
The resulting savings bank shall have all the rights,
				  privileges, and powers granted by its amended charter and by the statutes
				  applicable to savings banks holding such charters, and the entire assets,
				  business, and goodwill of the converting depository institution shall be vested
				  in the resulting savings bank without deed or transfer, provided such resulting
				  savings bank may execute such deeds or instruments of conveyances as may be
				  convenient to confirm such transfer, and such resulting savings bank shall
				  assume and be liable for all debts, accounts, undertakings, contractual
				  obligations, and liabilities of the converting depository
				  institution.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1445 - Obligations of Resulting Savings Bank

Current through Register Vol. 48, No. 28, July 12, 2024
The resulting savings bank shall be subject to the duties,
				  relations, obligations, trusts, and liabilities of the converting depository
				  institution, whether as debtor, depository, registrar, transfer agent,
				  executor, administrator, trustee, or otherwise, and shall be liable to pay and
				  discharge all such debts and liabilities, to perform all such duties, and to
				  administer all such trusts in the same manner and to the same extent as if such
				  resulting savings bank had itself incurred the obligation or liability or
				  assumed the duty, relation, or trust; and all rights of creditors and all liens
				  upon the property of such resulting savings bank shall be entitled to receive,
				  accept, collect, hold, and enjoy any and all gifts, bequests, devises,
				  conveyances, trusts, and appointments in favor of or in the name of such
				  converting depository institution, whether made or created to take effect
				  before or after the conversion.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart K - CONVERSION OF AN EXISTING DEPOSITORY INSTITUTION INTO AN ILLINOIS SAVINGS BANK › Section 1075.1450 - Organization Directors of Resulting Savings Bank

Current through Register Vol. 48, No. 28, July 12, 2024
The persons named as organization directors in the Plan of
				  Conversion shall be the organization directors of the resulting savings bank
				  until the first election of organization directors thereafter, or until the
				  expiration of their terms as organization directors, and shall have the power
				  to take all necessary measures and to adopt regulations concerning the business
				  and management of the resulting converted savings bank.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart L - SUPERVISION › Section 1075.1500 - Sale of Offices or Facilities

Current through Register Vol. 48, No. 28, July 12, 2024
a) Except the sale of a branch office under
				Section
				1075.740
				of this Part, a savings bank contemplating sale of any office or facility must
				provide 90 days notice to the Director of its intent to do so. A copy of a
				signed letter of intent to purchase must be received by the Director at least
				30 days before the closing date of the contemplated sale.
b) Notice to the Director shall include:
1) addresses of the facilities and offices to
				be sold;
2) analyses of the
				accounts, loans and obligations of the facilities' and offices'
				business;
3) a draft of
				notifications to be sent to all parties who would be affected by the sale,
				including depositors, creditors, account holders, and borrowers;
4) notifications must detail names and
				addresses of the seller and buyer, what business will be transferred to the
				buyer, if anything shall remain with the seller, when business remaining with
				the seller will be administered;
5)
				all final notifications under this Section must be registered mail, certified
				mail, or personally delivered. A time schedule for notifications must be
				included; and
6) an analysis of the
				effect on the selling savings bank's financial condition, including discussion
				of any accounting issues, and pro forma financial statements for before and
				after the transaction. Specific discussion must be included about the manner of
				payment and deviation of pricing.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart L - SUPERVISION › Section 1075.1520 - Bridge Charters

Current through Register Vol. 48, No. 28, July 12, 2024
a) A savings
				bank may apply to the Director for authority to form a "bridge charter" to
				facilitate a corporate restructuring or voluntary change, only on condition
				that an additional savings bank is not created. Organization of a bridge
				charter shall not be subject to the requirements of Article 3 of the
				Act.
b) The Director may only
				authorize the formation of an interim savings bank charter under this Section.
				An applicant desiring another type of financial institution charter shall apply
				for same to the regulator appropriate to that charter.
c) Each application shall specify the purpose
				of the interim charter, the required end result, the ownership size, capital
				business plan, management structure, and duration of the initial, interim and
				final savings bank.
d) An applicant
				for an interim charter under this Section shall inform the Director of any
				transaction contemplating use of an interim charter at least 90 days before the
				closing date of the transaction.
e)
				Except to the extent established by the original savings bank, no interim
				charter may do retail business with the public; advertise; make purchases; or
				pay salaries, bonuses or fees, obligate to hire, or contract.
f) An interim charter may exist for no more
				than 3 days, which may not be business days. On a normal business day, an
				interim charter may not be in existence for more than the time required to sign
				or otherwise finalize documents.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart L - SUPERVISION › Section 1075.1530 - Unsafe and Unsound Practices

Current through Register Vol. 48, No. 28, July 12, 2024
If the Director receives notice of failure to renew or of
				  cancellation of the bond required by Section 4009(a) of the Act, or if such
				  bond is determined, from examination or from reports made by the savings bank,
				  to be inadequate when compared with the amounts of the bond carried by savings
				  banks of comparable capital size, pursuing similar investment policies and
				  similar management capabilities, or with amounts required by its federal
				  insurer of accounts, he or she shall immediately pursue one of the remedies
				  enumerated in Articles 9 and 10 of the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart L - SUPERVISION › Section 1075.1540 - Failure to Comply with Report of Examination

Current through Register Vol. 48, No. 28, July 12, 2024
If the Director determines that a savings bank has failed to
				  comply with recommendations made in or as the result of a report of examination
				  within 45 days after the date the report is transmitted, then he or she may
				  poll the savings bank's officers and board of directors personally concerning
				  his or her recommendations, and, absent convincing or compelling changes of
				  information, market conditions or financial condition of the savings bank, he
				  or she shall summarily issue a temporary suspension in writing to officers and
				  organization directors who refused or prevented taking the recommended steps.
				  The suspension shall bar the specified individual until the Order is modified
				  or vacated by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart L - SUPERVISION › Section 1075.1550 - Publication

Current through Register Vol. 48, No. 28, July 12, 2024
a) Publication
				shall be made once in a general or legal newspaper of the largest general
				circulation in:
1) the county of the savings
				bank's headquarters; and
2) in
				Sangamon County; or
3) in Cook
				County.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1600 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
The Director, in accordance with the Act and this Part, may
				  remove or suspend any officer, organization director, employee or agent of a
				  savings bank operating under the Act or prohibit an individual from further
				  participation in any manner in the affairs at any savings bank operating under
				  the Act.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1610 - Notice of Intention and Answer

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Subject to Section
				1075.1630 of
				this Part, proceedings to remove or suspend an officer, organization director,
				employee or agent of a savings bank operating under the Act or to prohibit an
				individual from further participation in any manner in the affairs of any
				savings bank operating and regulated under the Act shall commence upon service
				of Notice of Intention to Remove, Suspend or Prohibit.
b) The notice shall:
1) state the grounds for the
				action;
2) recite the statutory
				basis for the action;
3) be signed
				by the Director;
4) contain a
				notice of hearing on the matter that sets a hearing date within 30 days after
				service of the notice of intention and names a hearing officer who shall
				conduct the hearing; and
5) include
				a copy of the Director's rules pertaining to hearings.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1620 - Removal and Prohibition by Order

Current through Register Vol. 48, No. 28, July 12, 2024
In the event of consent, or, if upon the record submitted by
				  the presiding hearing officer pursuant to 38 Ill. Adm. Code 100, and subject to
				  Section
				  1075.1630 of
				  this Part, the Director finds that any of the charges have been established,
				  the Director may issue an Order of removal or suspension from office or of
				  prohibition from participation in any manner in the affairs of a savings bank
				  operating under the Act. The Order is effective upon service (except in the
				  case of an Order issued upon consent that is effective at the time specified in
				  the Order) and shall remain effective and enforceable unless stayed, modified,
				  terminated or set aside by action of the Director or a reviewing
				  court.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1630 - Suspension by Notice

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon
				determination that suspension is necessary for the protection of a savings bank
				operating under the Act or for depositors and in accordance with the Act and
				this Part, the Director may by notice suspend an officer, organization
				director, employee or agent of a savings bank operating under the Act and
				suspend the individual from participation in any manner in the affairs of any
				savings bank operating under the Act.
b) A suspension Order by the Director issued
				pursuant to this Section shall be in effect and enforceable upon service and,
				unless stayed by a reviewing court, shall remain in effect until the charges
				are dismissed and the administrative proceedings are completed, or until the
				effective date of any final Order of removal, suspension or prohibition that is
				issued by the Director.
c) A
				suspension Order by the Director issued pursuant to this Section shall:
1) contain findings of fact sufficient to
				support imposition of a suspension by notice;
2) recite the statutory basis for the
				Order;
3) appoint a hearing
				officer;
4) impose an immediate
				suspension of participation in any manner in the affairs of any savings bank
				operating under the Act;
5) be
				signed by the Director or by a person authorized to act in her or his stead;
				and
6) be with a notice of
				suspension that:
A) sets a hearing date within
				30 days after the date on which the Order takes effect;
B) names the hearing officer who shall
				conduct the hearing; and
C)
				includes a copy of the Director's rules pertaining to hearings.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1640 - Industrywide Prohibition

Current through Register Vol. 48, No. 28, July 12, 2024
a) Any
				person subject to an Order of removal or suspension or prohibited from
				participation in any manner in the affairs of a savings bank operating under
				the Act upon an Order of the Director, without hearing on the matter, shall be
				prohibited from participation in any manner in the conduct of affairs of a
				savings bank regulated by the State of Illinois, another insured depository
				institution regulated by the State of Illinois, or any other financial services
				entity regulated by the State of Illinois.
b) An Order for industrywide prohibition
				shall:
1) state the grounds for the
				industrywide prohibition;
2) recite
				the statutory basis for the action;
3) include the Order of removal, suspension
				or prohibition to which the party is subject; and
4) be signed by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart M - REMOVALS, SUSPENSIONS AND INDUSTRY WIDE PROHIBITION › Section 1075.1650 - Unauthorized Participation of Convicted Individual

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon a finding by the Director, without
				hearing on the matter, that a current or proposed officer, organization
				director, agent or employee of a savings bank operating under the Act has been
				convicted of any criminal offense involving dishonesty or a breach of trust,
				the Director shall Order that such person shall not participate in any manner,
				at the conduct of affairs at a savings bank operating under the Act.
b) The Order of the Director shall:
1) state the grounds for the Order;
2) recite the statutory basis for the
				Order;
3) include true copy of the
				final judgment of the conviction of the individual; and
4) be signed by the Director.
Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart N - ACQUISITION OF CONTROL OF SAVINGS BANK › Section 1075.1700 - Acquisition of Control of Savings Bank

Current through Register Vol. 48, No. 28, July 12, 2024
a) As used in this Section, the following
				definitions apply:
1) "Affiliate" means any
				company that controls, is controlled by, or is under common control with a
				person.
2) "Company" means a
				corporation, a partnership, an association, a joint stock company, a trust or
				an unincorporated organization.
3)
				"Control" means the ability of any person, entity, persons, or entities acting
				alone or in concert with one or more persons or entities, to own, hold, or
				direct with power to vote, or to hold proxies representing, 10% or more of the
				voting shares or rights of a savings bank, savings bank subsidiary, savings
				bank affiliate, or savings bank holding company, or the ability to achieve in
				any manner the election or appointment of a majority of the directors of a
				savings bank. This definition shall not apply to the voting of proxies obtained
				from depositors if the proxies are voted as directed by a majority of the board
				of directors of the savings bank or of a committee of organization directors
				when the committee's composition and powers may be revoked by a majority vote
				of the board of directors.
4)
				"Person" means an individual, a company or a group acting in concert.
5) "Associate", when used to indicate
				relationship with any person, means:
A) any
				corporation or organization (other than the applicant or a wholly owned
				subsidiary of the applicant) of which the person is an officer or partner or
				is, directly or indirectly, either alone or together with one or more members
				of his or her immediate family, the beneficial owner of 10% or more of any
				class of securities;
B) any trust
				or other estate in which the person has a substantial beneficial interest or as
				to which the person serves as trustee or in a similar fiduciary
				capacity;
C) any relative or spouse
				of the person or any relative of the spouse, who has the same home as the
				person or who is an organization director or officer of the savings bank or a
				related entity; or
D) anyone who
				has an agreement, arrangement, or understanding, with the person, the purpose
				or effect of which is to enable the person to enter into and consummate any
				transaction described in subsection (m) on terms more advantageous than had the
				transaction been entered into or consummated by a person who was not a party to
				the agreement, arrangement, or understanding.
6) "Savings Bank Holding Company" means any
				company defined by Section 2001.35 of the Act.