(205 ILCS 205/5002) (from Ch. 17, par. 7305-2)
Sec. 5002.
Types of capital; personal property.
(a) The capital of a stock savings bank shall be represented
by capital stock and noncumulative perpetual preferred stock as
authorized by the articles of incorporation, related paid-in surplus,
retained earnings, and other forms of capital deemed
to be qualifying capital by the insurance corporation providing
insurance of the savings bank's deposits.
(b) The capital of a mutual savings bank shall be represented
by retained earnings and other forms of capital deemed to be
qualifying capital by the insurance corporation providing insurance
of the savings bank's deposits.
(c) All shares and capital accounts shall be personal
property and transferable as provided
in this Act and the bylaws of the savings bank.
(Source: P.A. 86-1213.)
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