Ill. Admin. Code tit. 38 § 1075.1935

Current through Register Vol. 48, No. 36, September 6, 2024

Section 1075.1935 - Amount of Qualifying Deposit of Eligible Account Holder or Supplemental Eligible Account Holder

a) Unless otherwise provided in the plan of conversion, the amount of the qualifying deposit of an eligible account holder or supplemental eligible account holder shall be the total of the deposit balances in the eligible account holder's or supplemental eligible account holder's deposit accounts in the converting savings bank as of the close of business on the eligibility record date or supplemental eligibility record date. However, the plan of conversion may provide that any deposit accounts with total deposit balances of less than $1000 (or any lesser amount) shall not constitute a qualifying deposit.

b) As used in this Section, the term "deposit account" includes a predecessor or successor account of a given savings account which is held only in the same right and capacity and on the same terms as the given deposit account. However, the plan of conversion may provide for lesser requirements for determining predecessor or successor accounts.

Ill. Admin. Code tit. 38, § 1075.1935

Added at 17 Ill. Reg. 8894, effective June 7, 1993