Section 1000.1320  Conversion to Stock

Capital notes or debentures issued by permanent reserves association may be converted into shares in accordance with provisions approved by the Director and contained in the capital notes or debentures.  Convertible capital notes or debentures may be issued without preemptive rights to existing shareholders if provided by the Articles of Incorporation of the association and authorized by the Director.

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