Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart O - CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK › Section 1075.2020 - Notices of Filing of Application - Requests for Subscription Offering Circular

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon
				determination that an application for conversion is properly executed and is
				not materially incomplete, the Director shall advise the applicant, in writing,
				to publish notices of the filing of the application. Promptly after receipt of
				the advice, the applicant shall prominently post the notice in each of its
				offices and publish a notice of the filing in a newspaper printed in the
				English language and having general circulation in each community in which an
				office of the applicant is located.
b) The first notice shall be entitled:
				"Notice of Filing of an Application for Approval to Convert to a Stock Savings
				Bank".
c) The first paragraph under
				the title shall read as follows:
"Notice is hereby given that, pursuant to 38 Ill. Adm. Code
				  1075.2020,
				  (fill in name of applicant), has filed an application with the Director of
				  Banking for approval to convert to the stock form of organization. Copies of
				  the application have been delivered to the Division of Banking in Chicago and
				  Springfield, Illinois."
d)
				The second paragraph under the title shall read as follows:
"Written comments, including objections to the plan of
				  conversion and materials supporting the objections, from any account holder of
				  the applicant or aggrieved person, will be considered by the Director if filed
				  within 20 business days after the date of this notice. Failure to make written
				  comments in objection may preclude the pursuit of any administrative or
				  judicial remedies. Three copies of the comments should be sent to the
				  aforementioned. The proposed plan of conversion and any comments thereon will
				  be available for inspection by any account holder of the applicant at the
				  Division of Banking in Chicago and Springfield, Illinois. A copy of the plan
				  may also be inspected at each office of the applicant.
e) If a significant number of the applicant's
				account holders speak a language other than English and a newspaper in that
				language is published in the area served by the applicant, an appropriate
				translation of the notice shall also be published in that newspaper. A copy of
				the notice may be sent by mail to the converting savings bank's depositors with
				a statement that the converting institution will not mail a subscription
				offering circular to an eligible account holder or a supplemental eligible
				account holder unless the eligible account holder or the supplemental eligible
				account holder, before the beginning of the subscription offering, requests the
				subscription offering circular by returning a postcard. The issuer of stock in
				the conversion shall pay the postage of this postcard and shall inform the
				eligible account holder or supplemental eligible holder that the postage is
				paid.