Ill. Admin. Code tit. 38 § 357.20

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

Section 357.20 - Annual Review

a) When annually reviewing a grant of authority to reduce the number of required directors, the Commissioner shall consider the following factors:

1) the performance of the Bank since the reduction in the number of required directors as determined by the Commissioner's annual report of examination pursuant to Section 48(2) of the Illinois Banking Act, [205 ILCS 5/48(2)] ; and

2) the feasibility of the Bank obtaining additional directors to serve on the Board.

b) If the Commissioner shall revoke his approval, such action shall constitute an administrative decision subject to review under 38 Ill. Adm. Code 392 (Hearings Before the Commissioner of Banks and Real Estate).

Ill. Admin. Code tit. 38, § 357.20