(205 ILCS 205/3004)
(from Ch. 17, par. 7303-4)
Contents of bylaws.
(a) The bylaws of the savings bank shall provide for the
following matters consistent with any applicable provisions of this
(1) The number of directors and the minimum frequency
of directors' meetings, which shall be at least monthly, except that less frequent meetings may be allowed with prior written authorization of the Commissioner.
(2) The titles and duties of the officers.
(3) The officers authorized, or who may be
authorized, by the directors to execute instruments.
(4) A description of the corporate seal.
(5) The fiscal year of the savings bank.
(6) The location of the business office.
(7) The date of the annual meeting of the members,
which may be not more than 120 days after the close of the savings bank's fiscal year.
(b) The bylaws may provide also for any or all of the
following matters, among others, consistent with any applicable
provisions of this Act:
(1) The method of calling special meetings of the
members, requirements for giving notice of meetings of members in addition to the notice prescribed by this Act, methods of nominating directors and other voting and election procedures.
(2) The method of determining the record date for
voting, dividend, and other purposes.
(3) The procedure for the transfer of ownership of
capital and for the enforcement of charges and liens.
(4) The plan or plans under which deposit accounts
are to be issued; the classes into which they may be divided; and the characteristics of each class as to time of issuance, times and amounts of payments to be made, classification for payment of interest, and other terms as are permitted by this Act.
(5) The method by which the directors may enforce
retirement of unpledged deposit accounts.
(6) The frequency with which profits of the savings
bank shall be apportioned and the methods of apportionment.
(7) Provision for establishment of executive, loan,
investment, and appraisal committees, other special or standing committees as may be desirable, and for an overall business plan for the savings bank.
(c) The Commissioner may publish one or more standard forms
of bylaws conforming to the provisions of this Act which may be
adopted by savings banks.
(Source: P.A. 89-320, eff. 1-1-96; 90-301, eff. 8-1-97.)