205 ILCS 105/10-25

(205 ILCS 105/10-25)

Sec. 10-25. Capital impairment; emergency. If, in addition to a finding as provided in Section 10-20 of this Act, the Secretary is of the opinion and finds that an emergency exists that may result in serious losses to the depositors or the inability of the association to continue in operations, meet the demands of its depositors, or pay its obligations in the normal course of business, he or she may, in his or her discretion, without having given the notice provided for in Section 10-20 of this Act, and whether or not proceedings under Section 10-20 of this Act have been instituted or are then pending, take possession and control of the association and its assets for the purpose of examination, reorganization, or liquidation through receivership.

(Source: P.A. 96-1365, eff. 7-28-10.)