Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/4012

(205 ILCS 205/4012) (from Ch. 17, par. 7304-12)

Sec. 4012. Procedure to dissent.

(a) If the action giving rise to the right to dissent is to be approved
at a meeting of shareholders, the notice of meeting shall inform the
shareholders of their right to dissent and the procedure to dissent.  Prior
to the meeting, the savings bank shall furnish to the shareholders material
information with respect to the transaction that will enable a shareholder to
objectively vote on the transaction and to determine whether or not to
exercise dissenters' rights.  A shareholder may assert dissenters' rights
only if the shareholder delivers to the savings bank, before the vote is
taken, a written demand for payment for his shares if the proposed action is
consummated and the shareholder does not vote in favor of the proposed action.

(b) If the action giving rise to the right to dissent is not to be
approved at a meeting of shareholders, the notice to shareholders
describing the action taken shall inform the shareholders of their right to
dissent and the procedure to dissent.  Prior to, or concurrently with, the
notice the savings bank shall furnish to the shareholders material
information with respect to the transaction that will enable a
shareholder to objectively determine whether or not to exercise dissenters'
rights.  A shareholder may assert dissenters' rights only if he delivers to
the savings bank within 30 days from the date of mailing the notice a
written demand for payment for his shares.

(c) The Secretary may promulgate rules to govern the procedure to
be used by savings banks and dissenters in arriving at a value and price
for dissenters' shares, as well as how distribution shall be made.  In no
case shall the rules be more restrictive than the provisions applicable to
ordinary corporations under the Business Corporation Act of 1983.

(Source: P.A. 97-492, eff. 1-1-12.)