Sec. 3003. Contents of articles of incorporation.

202 words·~1 min read·/il/chapter-205/act-205/3003

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The articles of incorporation shall set forth:

(1)The name of the savings bank.

(2)The initial location of the business office.

(3)The duration of existence, which shall be perpetual unless otherwise specified.

(4)The initial number of directors, not less than 5.

(5)The authorization, if any, to issue deposit accounts, the aggregate amount of which

may be unlimited.

(6)The authorization, if any, to issue stock, the aggregate number of shares and the

par value per share, which shall not be less than $1.

(7)The quorum required for action of members if a quorum other than that specified in

this Act is desired.

(8)Any other provision, not inconsistent with law, which the subscribers or members may

desire, for the internal regulation of the affairs of the savings bank.

(b)A savings bank may include in its original articles of incorporation or amended articles a requirement that proposed amendments to the articles of incorporation shall be adopted by the affirmative vote of two-thirds of the total number of votes entitled to be cast.

(c)The articles of incorporation need not set forth any of the powers that this Act confers.