Sec. 11.31. Merger of mid-tier bank holding company into subsidiary bank.

149 words·~1 min read·/il/chapter-805/act-5/11-31

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

(a)A mid-tier bank holding company may merge into its subsidiary in the following manner:

(1)The mid-tier bank holding company shall comply with the provisions of this Act with

respect to the merger of domestic corporations, and the surviving subsidiary bank shall comply with the provisions of Section 30.5 of the Illinois Banking Act.

(2)Section 11.50 of this Act shall, insofar as it is applicable, apply to mergers

between mid-tier bank holding companies and their subsidiary banks.

(b)For the purpose of this Section 11.31, "mid-tier bank holding company" means a corporation

(1)that owns 100% of the issued and outstanding shares of each class of stock of a State bank,

(2)that has no other subsidiaries, and

(3)of which 100% of the issued and outstanding shares are owned by a parent bank holding company.