Sec. 3004. Contents of bylaws.

366 words·~2 min read·/il/chapter-205/act-205/3004·

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

(a)The bylaws of the savings bank shall provide for the following matters consistent with any applicable provisions of this Act:

(1)The number of directors and the minimum frequency of directors' meetings, which

shall be at least monthly, except that less frequent meetings may be allowed with prior written authorization of the Commissioner.

(2)The titles and duties of the officers.

(3)The officers authorized, or who may be authorized, by the directors to execute

instruments.

(4)A description of the corporate seal.

(5)The fiscal year of the savings bank.

(6)The location of the business office.

(7)The date of the annual meeting of the members, which may be not more than 120 days

after the close of the savings bank's fiscal year.

(b)The bylaws may provide also for any or all of the following matters, among others, consistent with any applicable provisions of this Act:

(1)The method of calling special meetings of the members, requirements for giving

notice of meetings of members in addition to the notice prescribed by this Act, methods of nominating directors and other voting and election procedures.

(2)The method of determining the record date for voting, dividend, and other purposes.

(3)The procedure for the transfer of ownership of capital and for the enforcement of

charges and liens.

(4)The plan or plans under which deposit accounts are to be issued; the classes into

which they may be divided; and the characteristics of each class as to time of issuance, times and amounts of payments to be made, classification for payment of interest, and other terms as are permitted by this Act.

(5)The method by which the directors may enforce retirement of unpledged deposit

accounts.

(6)The frequency with which profits of the savings bank shall be apportioned and the

methods of apportionment.

(7)Provision for establishment of executive, loan, investment, and appraisal

committees, other special or standing committees as may be desirable, and for an overall business plan for the savings bank.

(c)The Commissioner may publish one or more standard forms of bylaws conforming to the provisions of this Act which may be adopted by savings banks.