Illinois Compiled Statutes
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205 ILCS 305/2
(205 ILCS 305/2)
(from Ch. 17, par. 4403)
(1) Any 9 or more persons of legal age,
the majority of whom shall be residents of the State of Illinois, who have
a common bond referred to in Section 1.1 may organize a credit union or
a central credit union by complying with this Section.
(2) The subscribers shall execute in duplicate Articles of Incorporation
and agree to the terms thereof, which Articles shall state:
(a) The name, which shall include the words "credit
union" and which shall not be the same as that of any other existing credit union in this state, and the location where the proposed credit union is to have its principal place of business;
(b) The common bond of the members of the credit
(c) The par value of the shares of the credit union,
which must be at least $1;
(d) The names, addresses and Social Security numbers
of the subscribers to the Articles of Incorporation, and the number and the value of shares subscribed to by each;
(e) That the credit union may exercise such
incidental powers as are necessary or requisite to enable it to carry on effectively the purposes for which it is incorporated, and those powers which are inherent in the credit union as a legal entity;
(f) That the existence of the credit union shall be
(3) The subscribers shall prepare and adopt bylaws for the general government
of the credit union, consistent with this Act, and execute same in duplicate.
(4) The subscribers shall forward the articles of incorporation and the
bylaws to the Secretary in duplicate, along with the required charter fee.
If they conform to the law, and such rules and regulations as the Secretary and the Director
may prescribe, if the Secretary determines that a common bond exists, and
that it is economically advisable to organize the credit union, he or she shall
within 60 days issue a certificate of approval attached to the articles of incorporation
and return a copy of the bylaws
and the articles of incorporation to the applicants or their representative, which shall
be preserved in the permanent files of the credit union. The subscribers
shall file the certificate of approval, with the articles of incorporation
attached, in the office of the recorder (or, if
there is no recorder, in the office of the county
clerk) of the county in which the
credit union is to locate its principal place of business. The
recorder or the county
clerk, as the case may be, shall accept
and record the documents if they are accompanied by the proper fee. When the documents
are so recorded, the credit union is incorporated under this Act.
(5) The subscribers for a credit union charter shall not transact any
business until the certificate of approval has been received.
(Source: P.A. 100-361, eff. 8-25-17.)