Sec. 8016. Procedure for conversion from a savings bank charter.

299 words·~1 min read·/il/chapter-205/act-205/8016·

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

(a)Any savings bank operating under this Act may convert to any other depository institution chartered under the laws and regulations of this State or under the laws and regulations of the United States in accordance with the following requirements:

(1)The converting savings bank shall notify the Secretary of its intent to convert.

Notice should be submitted when the savings bank first submits a request to convert to the appropriate State or federal authorities, but in no case less than 30 days before the conversion. Approval of the conversion by the Secretary shall not be required except when the savings bank converts to a depository institution that is also chartered by the Secretary in which case the savings bank shall comply with State law and regulations applicable to the conversion to such depository institution.

(2)The board of directors shall approve a plan of conversion by resolution adopted by

majority vote of all of the directors.

(3)Upon notice prescribed by subsection

(a)of Section 4003 of this Act, the plan of

conversion shall be adopted upon receiving in the affirmative two-thirds or more of the total number of votes that all members of the savings bank are entitled to cast. A report of proceedings, certified by the president or a vice president and attested by the secretary of the savings bank, shall be filed promptly with the Secretary.

(4)The savings bank shall pay all accrued supervisory fees and other fees and

assessments under this Act as of the date of conversion.

(5)Upon completion of the conversion, the charter of the savings bank shall

automatically terminate and the savings bank charter or a true copy of the charter shall be returned to the Secretary.

(b)(Blank).