Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 5/20

(205 ILCS 5/20) (from Ch. 17, par. 327)

Sec. 20.

Resulting national bank or insured savings association.

Nothing in this Act shall be construed to require the approval of any
Illinois State authority as a condition to the right of a State bank,
pursuant to the laws of the United States or of this State, to be converted
into a national
bank or insured savings association or to merge with an insured savings
association or with a national bank under a national charter. The action
to be taken by such merging or converting State bank and its rights and
liabilities and those of its stockholders and of its dissenting
stockholders shall be the same as those prescribed for a State bank merging
with, or converting into, a national bank or insured savings association that
has received its charter from an agency of the United States Government at
the time of the action by the
law of the United States and not by the law of this State unless the State
bank merges with or converts to a savings and loan association or savings bank
chartered under the laws of this State, except that an
affirmative vote of the holders of at least two-thirds of the outstanding
shares of stock of a State bank entitled to vote at a meeting called in
conformity with Section 23 shall be required for the merger or
conversion. Upon the completion of a merger or conversion, resulting in a
national bank or insured savings association, the charter of any merging or
converting State bank shall
automatically terminate. Approval by the Commissioner to convert a State
bank to a national bank or insured savings association or to merge a State
bank into a national bank
or insured savings association shall not be required under this Act.
However, any
such converting or merging State bank shall notify the Commissioner in
writing of the proposed
conversion or merger not less than 30 days prior to such
conversion or merger and shall pay all accrued or
outstanding assessments pursuant to Section 48 of this Act as of the date
of conversion or merger.

(Source: P.A. 89-567, eff. 7-26-96.)