Ill. Admin. Code tit. 38 § 1075.1845

Current through Register Vol. 48, No. 44, November 1, 2024

Section 1075.1845 - Supplemental Share Purchase Subscription Rights - Supplemental Eligible Account Holder - Conditions

a) In plans with an eligibility record date that is more than 15 months before the date of the latest amendment to the application for conversion filed before the Director's approval, a supplemental eligibility record date shall be determined in which each supplemental eligible account holder of the converting savings bank shall receive, without payment, nontransferable subscription rights to purchase shares in an amount ranging from .1% to 5% of the total offering, with each receiving subscription rights to the same percentage of capital stock, or in an amount that is based on a proportioned amount that is based on the amount of the eligible account holder's qualifying deposit relative to the total amount of qualifying deposits in the converting savings bank on the supplemental eligibility record date. When a conversion plan is effected pursuant to Section 1075.2170, the total number of shares refers to that number of shares not sold to the acquiror or acquirors designated in the plan.

b) Subscription rights received pursuant to this Section shall be subordinated to all rights received by eligible account holders to purchase shares pursuant to Sections 1075.1835 and 1075.1840.

c) Any nontransferable subscription rights to purchase shares received by an eligible account holder in accordance with Sections 1075.1835 and 1075.1840 shall be applied in partial satisfaction of the subscription rights to be distributed pursuant to this Section.

d) In the event of an oversubscription for supplemental shares pursuant to this Section, shares shall be allocated among the subscribing supplemental eligible account holders on such equitable basis, related to the amounts of their respective qualifying deposits, as may be provided in the plan of conversion.

e) An organization director or officer of the converting savings bank shall be entitled to subscription rights as a supplemental eligible account holder only if:

1) the person is not also an eligible account holder entitled to subscription rights under Section 1075.1835; and

2) the person became a director or officer of the converting savings bank after the eligibility record date established under Section 1075.1875.

Ill. Admin. Code tit. 38, § 1075.1845

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