(205 ILCS 205/3003) (from Ch. 17, par. 7303-3)
Sec. 3003.
Contents of articles of incorporation.
(a) The articles of incorporation shall set forth:
(1) The name of the savings bank.
(2) The initial location of the business office.
(3) The duration of existence, which shall be |
| perpetual unless otherwise specified.
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(4) The initial number of directors, not less than 5.
(5) The authorization, if any, to issue deposit
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| accounts, the aggregate amount of which may be unlimited.
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(6) The authorization, if any, to issue stock, the
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| aggregate number of shares and the par value per share, which shall not be less than $1.
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(7) The quorum required for action of members if a
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| quorum other than that specified in this Act is desired.
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(8) Any other provision, not inconsistent with law,
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| which the subscribers or members may desire, for the internal regulation of the affairs of the savings bank.
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(b) A savings bank may include in its original articles of incorporation
or amended articles a requirement that proposed amendments to the articles of
incorporation shall be adopted by the affirmative vote of two-thirds of the
total number of votes entitled to be cast.
(c) The articles of incorporation need not set forth any of
the powers that this Act confers.
(Source: P.A. 89-74, eff. 6-30-95.)
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