Ill. Admin. Code tit. 38 § 1075.2020

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

Section 1075.2020 - Notices of Filing of Application - Requests for Subscription Offering Circular

a) Upon determination that an application for conversion is properly executed and is not materially incomplete, the Director shall advise the applicant, in writing, to publish notices of the filing of the application. Promptly after receipt of the advice, the applicant shall prominently post the notice in each of its offices and publish a notice of the filing in a newspaper printed in the English language and having general circulation in each community in which an office of the applicant is located.

b) The first notice shall be entitled: "Notice of Filing of an Application for Approval to Convert to a Stock Savings Bank".

c) The first paragraph under the title shall read as follows:

"Notice is hereby given that, pursuant to 38 Ill. Adm. Code 1075.2020, (fill in name of applicant), has filed an application with the Director of Banking for approval to convert to the stock form of organization. Copies of the application have been delivered to the Division of Banking in Chicago and Springfield, Illinois."

d) The second paragraph under the title shall read as follows:

"Written comments, including objections to the plan of conversion and materials supporting the objections, from any account holder of the applicant or aggrieved person, will be considered by the Director if filed within 20 business days after the date of this notice. Failure to make written comments in objection may preclude the pursuit of any administrative or judicial remedies. Three copies of the comments should be sent to the aforementioned. The proposed plan of conversion and any comments thereon will be available for inspection by any account holder of the applicant at the Division of Banking in Chicago and Springfield, Illinois. A copy of the plan may also be inspected at each office of the applicant.

e) If a significant number of the applicant's account holders speak a language other than English and a newspaper in that language is published in the area served by the applicant, an appropriate translation of the notice shall also be published in that newspaper. A copy of the notice may be sent by mail to the converting savings bank's depositors with a statement that the converting institution will not mail a subscription offering circular to an eligible account holder or a supplemental eligible account holder unless the eligible account holder or the supplemental eligible account holder, before the beginning of the subscription offering, requests the subscription offering circular by returning a postcard. The issuer of stock in the conversion shall pay the postage of this postcard and shall inform the eligible account holder or supplemental eligible holder that the postage is paid.

Ill. Admin. Code tit. 38, § 1075.2020

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