Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/8014

(205 ILCS 205/8014) (from Ch. 17, par. 7308-14)

Sec. 8014. Emergency sale of assets.

(a) With the approval in writing of the Secretary, which
approval shall state that the proposed sale is, in his opinion,
necessary for the protection of the depositors and other creditors,
any savings bank that is an eligible depository institution, as defined in Section 2 of the Illinois Banking Act may, by a vote of a majority of its board of
directors and without a vote of its members or stockholders, sell
all or any part of its assets to another savings bank or depository institution or to the Federal Deposit Insurance Corporation, provided that a savings bank or depository institution assumes in writing
all of the liabilities of the selling savings bank.

(b) Notwithstanding any other provisions of this Act, a
savings bank may sell to any savings bank or depository institution an insubstantial portion of its total deposits.  The sale of an insubstantial
portion of a savings bank's deposits may be by vote of a majority
of the board of directors, and, with approval of the Secretary,
without a vote of its members or stockholders.

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