Section 205 ILCS 205/3001 - Application for permit to organize(a) Not fewer than 5 nor more than 20 persons may organize a savings bank under this Act.(b) The Secretary shall determine the minimum required capital which shall be at least the minimum required to obtain insurance of accounts as required by this Act and shall include additional amounts as the Secretary may find necessary. Amended by P.A. 097-0492,§ 20, eff. 1/1/2012.