Ill. Admin. Code tit. 38 § 1075.1115

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1075.1115 - Prohibition Against Approval of Certain Applications for Reorganization

No application for reorganization may be approved by the Director if:

a) The plan of reorganization adopted by the applicant's board of directors is not in accordance with this Subpart;

b) The reorganization reasonably could be expected to result in a resulting or acquiree savings bank or pre-existing depository institution with capital below requirements established by the Director and by Federal law;

c) The reorganization results in a taxable reorganization under the United States Internal Revenue Code of 1986 ( 26 USC 1 et seq.) and the Director upon a written finding determines that the reorganization will endanger the safety and soundness of a resulting or acquiree or pre-existing savings bank; or

d) A resulting savings bank does not secure insurance of its deposit accounts backed by the full faith and credit of the United States government before reorganization.

Ill. Admin. Code tit. 38, § 1075.1115

Amended at 30 Ill. Reg. 19068, effective December 1, 2006