Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(205 ILCS 205/8010) (from Ch. 17, par. 7308-10)
Sec. 8010. Procedure to effect sale of all assets.
(a) The procedure to effect a sale authorized by Section 8009 of
this Act shall be as follows:
(1) The board of directors shall adopt a resolution |
| setting forth the terms of the proposed sale and shall submit the plan to the Secretary for his preliminary approval. Upon receipt of approval by the Secretary, the plan shall be submitted to a vote of the members at a special or annual meeting.
|
|
(2) The terms shall be set forth in the notice of the
|
| meeting as prescribed in subsection (b) of Section 4003 of this Act.
|
|
(3) The proposed sale will be approved by the members
|
| or stockholders upon receiving in the affirmative two-thirds or more of the total number of votes that all members or stockholders of the savings bank are entitled to cast. A proposal for the voluntary liquidation of the savings bank may be submitted to the members or stockholders at the same meeting or at any later meeting called for that purpose in accordance with Article 4 of this Act. A report of proceedings, certified by the president or vice president and attested by the secretary of the savings bank, setting forth the terms of the proposed sale, the notice given and the time of its mailing, the vote on the proposal, and the total number of votes that all members or stockholders of the savings bank are entitled to cast, shall be filed with the Secretary.
|
|
(b) If the Secretary finds that the proposed sale is fair
to all holders of capital, creditors, and other persons concerned
and provision has been made for the disposition of the remaining
assets, if any, of the savings bank, as provided in this Act for
voluntary liquidation, he shall issue to the savings bank a
certificate of authorization for the sale with a copy of the
filed report of proceedings attached to the certificate.
(c) When the Secretary's certificate is issued, the
savings bank may complete the sale so authorized; except that the
savings bank must also have the approval of the Federal Deposit
Insurance Corporation.
(d) If the sale includes the name of the savings bank, the
purchaser shall have the exclusive right to that name for a period
of 5 years.
(Source: P.A. 97-492, eff. 1-1-12.)
|
