(205 ILCS 5/24) (from Ch. 17, par. 331)
Sec. 24.
Effective date of merger; filing.
The executed merger
agreement together with copies of the resolutions of the stockholders of each
merging bank or insured savings association approving it, certified by the
bank's or insured savings association's president or vice-president or the
cashier, shall be filed with the Commissioner. A merger that is to result in a
State bank shall, unless a later date is specified in the agreement, become
effective when the Commissioner has approved the agreement and issued a
certificate of merger to the continuing bank. The charters of the merging banks
or insured savings association, other than the continuing bank, shall
thereupon automatically terminate. If, after May 31, 1997, the merger will
result in an out-of-state bank, the charter of a merging State bank shall
terminate upon notice to the Commissioner that the merger is effective.
The certificate of merger shall specify the
name of each merging bank or insured savings association and the name
of the continuing bank, and the amendments to the charter of the continuing
bank provided for by the merger agreement. The certificate shall be conclusive
evidence of the merger and of the correctness of all proceedings therefor in
all courts and places.
(Source: P.A. 89-208, eff. 9-29-95; 90-665, eff. 7-30-98.)
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