(205 ILCS 105/1-11) (from Ch. 17, par. 3301-11)
Sec. 1-11.
Insurance
of withdrawable capital. An association operating under this Act shall
obtain and maintain insurance of the association's withdrawable capital by
an insurance corporation as defined in this Act, except that such insurance of accounts is not required in
cases where the association is employer-sponsored, does not occupy a ground
floor location, does not seek business from the general public by
advertising or otherwise and primarily serves the employees of the
employer which sponsors the association or the employees of a wholly-owned
subsidiary of the employer. In the event that the insurance of accounts is
not required by this Section, the Commissioner may adjust the bond
requirements for officers, directors and employees of such association, but
in no case shall the adjusted bond be required to be in an amount greater
than twice that which would otherwise be required.
(Source: P.A. 93-271, eff. 7-22-03.)
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