Section 1000.1180  Application for and Maintenance of Branch Office after Conversion, Consolidation, Purchase of Assets or Merger

a)         With written approval of the Director, an association which acquires an office or offices through merger, purchase, purchase of all assets or consolidation shall assume the operation of any such acquired offices, subject to the provisions of Section 1000.1200 of this Subpart.  An existing association which converts to a state-chartered association shall maintain all of its offices, existing or approved prior to the conversion, if such offices are set forth in its bylaws, adopted in accordance with Section 6-13(c) of the Act.  Offices set forth in its bylaws shall be subject to the provisions of Section 1000.1200 of this Subpart.

b)         If the Director has approved a Plan of Conversion to Federal charter for an association or has evidence of an association's intent to file such Plan of Conversion, he shall deny an application for a branch office.

(Source:  Amended at 30 Ill. Reg. 18990, effective December 1, 2006)