Ill. Admin. Code tit. 38 § 1075.2120

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

Section 1075.2120 - Additional Filing Requirements

An applicant whose plan of conversion has been approved by the Director shall fulfill the following requirements.

a) The applicant shall file with the Director promptly after the meeting of members called to consider the plan of conversion a certified copy of each resolution adopted at the meeting relating to the plan of conversion, together with the following statements:

1) The total number of votes eligible to be cast;

2) The total number of votes represented in person or by proxy at the meeting;

3) The total number of votes cast in favor of and against each matter (the compilation of the votes cast at the meeting may be prepared for the savings bank by an independent public accountant, or by an independent transfer agent); and

4) The percentage of votes necessary to approve each matter.

b) The applicant shall file with the Director promptly after the meeting of savings bank members called to consider the plan of conversion an opinion of counsel to the effect that:

1) The meeting of members was duly held in accordance with all requirements of applicable law and this Part;

2) All requirements of State law applicable to the conversion have been complied with; and

3) If the savings bank has used proxies executed before the proxy solicitation required by Section 1075.2035, the authority conferred by the proxies includes authority to vote on the plan of conversion.

c) Each offering circular for the offering shall be prepared in compliance with this Subpart. The applicant shall file with the Director 5 copies of each preliminary offering circular and 10 copies of each final offering circular.

Ill. Admin. Code tit. 38, § 1075.2120

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