Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/6009

(205 ILCS 205/6009) (from Ch. 17, par. 7306-9)

Sec. 6009. Purchase of real estate for office and rental purposes.

(a) A savings bank may acquire and hold real estate in fee
simple or leaseholds on which a building or buildings exist or are
to be erected suitable for the transaction of the savings bank's
business, and from portions of which not required for the savings
bank's own use, revenue may be derived; or may own all or part of
the capital stock, shares, or interest in any corporation,
limited liability company, association, or trust engaged solely in holding all or part of that
real estate.  However, the amount so invested under this Section and item (7)
of Section 6003 may not exceed a savings bank's total capital unless the
Secretary, upon a
proper showing, approves a larger amount consistent with the needs
of the savings bank's business and its immediate future expansion.

(b) Unless prior written approval of the Secretary is
obtained, no savings bank may purchase, lease, or otherwise acquire
a site for an office building or interest in real estate from any
officer, director, employee, or stockholder holding more than 10%
of the aggregate capital stock of the savings bank, or any firm,
corporation, entity, or family in which any officer, director,
employee, or stockholder holding more than 10% of the aggregate
capital stock of a savings bank has any direct or indirect
interest.

(c) An acquisition prohibited by this Section includes the
purchase, lease, or acquisition of property in which any of the
persons described in this Section held any interest for a period
of 10 years preceding the purchase, lease, or acquisition, but does
not include the acquisition of an option for a site or real
estate where the option is assignable and exercised by the savings
bank in its own name and for its own benefit.

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