Ill. Admin. Code tit. 38 § 1075.2160

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

Section 1075.2160 - Amendments to Charter Required in Application - Articles of Incorporation - Filing of Certificate Required - Contents - Issuance and Filing of Authorization Certificate

a) An application for conversion under this Subpart shall include amendments to the articles of incorporation of the converting savings bank.

b) When all the stock of a converting savings bank has been subscribed for in accordance with the plan and any amendments to the plan, the board of directors shall issue the stock and shall cause to be filed with the Director, in triplicate, a certificate subscribed and acknowledged by the persons who are to be directors of the converted savings bank, stating:

1) That all the stock of the converted savings bank has been issued;

2) That the attached articles of incorporation have been executed by all the persons who are to be directors of the converted savings bank;

3) The place where the bank is to be located and its business transacted, naming the city, or town and county, which city or town shall be the same as that where the principal place of business of the predecessor mutual savings bank has been located;

4) The name, occupation, residence, and post office address of each signer of the certificate;

5) The amount of the assets of the predecessor mutual savings bank, the amount of its liabilities and undivided profits as of the first day of the current calendar month; and

6) A declaration that each signer will accept the responsibilities and faithful discharge the duties of a director of the converted savings bank and is free from all the disqualifications specified in the laws applicable to converted savings banks.

Ill. Admin. Code tit. 38, § 1075.2160

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