Sec. 10. Permit to organize.

348 words·~2 min read·/il/chapter-205/act-5/10

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

(a)Upon the filing of an application for a permit to organize, the Commissioner shall investigate the truth of the statements therein and shall consider the proposed bank's capital structure, its future earnings prospects, the general character, experience, and qualifications of its proposed management, its proposed plan of operation, and the convenience and needs of the area sought to be served, and notwithstanding the provisions of Section 7 of this Act, the Commissioner shall not approve the application and issue a permit to organize unless he shall be of the opinion and finds:

(1)that the proposed capital at least meets the minimum requirements of this Act

determined by the Commissioner pursuant to Section 7 of this Act including additional capital necessitated by the circumstances of the proposed bank including its size, scope of operations and market in which it proposes to operate;

(2)that the future earnings prospects are favorable;

(3)that the general character, experience, and qualifications of its proposed

management and its proposed plan of operation are such as to assure reasonable promise of successful, safe and sound operation;

(4)that the name of the proposed bank is not the same as or deceptively similar to a

name reserved with the Commissioner's office under Section 9.5 or to the name of any other bank then operating in this State; and

(5)that the convenience and needs of the area sought to be served by the proposed bank

will be promoted.

(b)The Commissioner shall revoke the permit to organize and order liquidation of any funds collected in the event that the organizers do not obtain a charter from the Commissioner authorizing the bank to commence business within 6 months from the date of the issuance of the permit, unless a request has been submitted, in writing, to the Commissioner for an extension and the request has been approved.

(c)The Commissioner may impose such terms and conditions, if any, on the issuance of the permit to organize as the Commissioner deems appropriate and necessary for the organization of the bank.