Illinois Compiled Statutes
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FINANCIAL REGULATION205 ILCS 205/Art. 4
(205 ILCS 205/) Savings Bank Act.
(205 ILCS 205/Art. 4 heading)
205 ILCS 205/4001
(205 ILCS 205/4001)
(from Ch. 17, par. 7304-1)
(a) The membership of a mutual savings bank shall
consist solely of every depositor or holder of a deposit
account issued by the savings bank.
(b) The members of a stock savings bank shall be only
the owners of its capital stock. Jointly owned stock shall
constitute one membership.
(c) Any savings bank that had legal existence under
another statute prior to the date of this Act and which, if
it was a mutual, included borrowers as members or, if its
ownership was evidenced by stock, included borrowers and
depositors as members, or as non-voting members, may retain
that membership structure by resolution of its board of
directors to be included in its application for a savings bank
charter under this Act. Otherwise, borrowers may not be
members of a savings bank operating under this Act, and only
mutual savings banks may include depositors as members.
(d) Joint ownership of an account constitutes one membership.
(Source: P.A. 86-1213; 87-498.)
205 ILCS 205/4002
(205 ILCS 205/4002)
(from Ch. 17, par. 7304-2)
Annual and special meetings.
Dates of annual meetings of
members or stockholders shall be specified in the bylaws. Failure to hold
an annual meeting shall not cause a forfeiture or dissolution of the
savings bank. Special meetings may be called by the board of directors,
the holders of not less than 25% of the outstanding capital stock shares,
or by any other person as the bylaws may designate. The Commissioner may
also call a special meeting with not less than 12 hours written or oral
notice. Every annual or special meeting shall be held at the business
office of the savings bank or, if the space is inadequate, in another place
within the same county as shall be specifically designated in the notice
of the meeting.
(Source: P.A. 86-1213.)
205 ILCS 205/4003
(205 ILCS 205/4003)
(from Ch. 17, par. 7304-3)
Notice of meetings.
(a) Notice of an annual meeting shall be published once
not fewer than 10 days nor more than 40 days before the date
of the meeting. The notice shall also be displayed at the
place of business of the savings bank in a manner to be
prescribed by the Commissioner. The notice must state the
time, place, and purpose of the meeting.
(b) For any special meeting or for any annual meeting
that is to consider any proposition that requires an
affirmative vote of two-thirds of the members or stockholders or any
proposition to amend the articles of incorporation of the savings bank, the
notice must be by mail, postmarked between 10 and 40 days
before the date of the meeting, and must also be posted at the
savings bank's offices as if for an annual meeting, beginning
on the date notice is given. All notices must state the time,
place, and purpose of the meeting.
(Source: P.A. 89-74, eff. 6-30-95.)
205 ILCS 205/4004
(205 ILCS 205/4004)
(from Ch. 17, par. 7304-4)
Quorum of annual or special meetings.
The articles of incorporation may specify a quorum
requirement, but it may not be less than one-third of the total
number of votes entitled to be voted at a meeting. Any
meeting, including one at which a quorum is not present, may
be adjourned to a specified date without future notice.
(Source: P.A. 86-1213.)
205 ILCS 205/4005
(205 ILCS 205/4005)
(from Ch. 17, par. 7304-5)
(a) Voting at a meeting may be either in person or by proxy executed in
writing by the member or stockholder or by his duly authorized
(b) In the determination of all questions requiring ascertainment of who is
entitled to vote and of the number of outstanding shares, the following rules
(1) The date of determination shall be the record
date for voting provided in this Act.
(2) Each person holding one or more withdrawable
accounts in a mutual savings bank shall have the vote of one share for each $100 of the aggregate withdrawal value of the accounts and shall have the vote of one share for any fraction of $100; however, subject to regulation of the Commissioner, a mutual savings bank may in its by-laws limit the number of votes a person may cast to 1,000 votes. A mutual savings bank may adopt a different voting arrangement if the Commissioner finds that the arrangement would not be inequitable to members and if the members approve the arrangement by an affirmative vote of at least two-thirds of the votes entitled to be cast, however, the voting arrangement need not obtain the foregoing member approval if such voting arrangement is otherwise approved as part of a corporate change under this Act.
(3) Each holder of capital stock held shall have one
vote for each share held.
(4) Shares owned by the savings bank shall not be
(5) A savings bank authorized to issue stock shall
provide in its articles of incorporation that voting rights shall be vested exclusively in stockholders.
(Source: P.A. 91-97, eff. 7-9-99; 92-483, eff. 8-23-01.)
205 ILCS 205/4006
(205 ILCS 205/4006)
(from Ch. 17, par. 7304-6)
Record date for voting, dividend, and other purposes.
(a) For the purposes of determining the holders of
stock, capital accounts, and membership entitled to notice of
or to vote at any meeting of the members or in order to make
a determination of the members, holders, or other persons for
any other proper purpose, the bylaws may provide for a record
date, not fewer than 10 days nor more than 40 days before the
meeting or other event or transaction with regard to which the
determination is to be made. This determination shall be made
as of the close of business on the record date.
(b) If the bylaws do not provide for a record date, the board of
directors may fix a record date for each determination to be made, within
the time limits set forth in subsection (a). If the board of directors
fails to fix a record date, the record date for a meeting shall
be the date on which the first notice of meeting is given.
(c) Shares of stock or deposit accounts withdrawn
or retired after the record date shall not be voted or
counted in determining the number of shares outstanding. This
Section shall be applicable to the dividend payments on
capital stock, but dividends on deposit accounts shall
be governed by Section 5008 of this Act.
(Source: P.A. 86-1213.)
205 ILCS 205/4007
(205 ILCS 205/4007)
(from Ch. 17, par. 7304-7)
(a) Voting at a meeting may be either in person or by
proxy executed in writing by the member or shareholder or by
his duly authorized attorney-in-fact. The forms and wording
of all proxies must receive prior approval of the Commissioner.
(b) No proxy shall be valid:
(1) After 11 months from the date of its execution,
unless otherwise provided in the proxy.
(2) Unless executed in an instrument separate from
other forms or documents relating to the member's accounts.
(3) For any meeting at which the member who gave it
is present, provided that notice is given by the member in writing, prior to the taking of any vote, to an official whom the savings bank shall identify at the meeting as having responsibility for the matter.
(4) Unless the member giving the proxy is told by the
person to whom it is given that the proxy is optional and that the voting rights it represents can be exercised by the member himself.
(Source: P.A. 86-1213.)
205 ILCS 205/4008
(205 ILCS 205/4008)
(from Ch. 17, par. 7304-8)
The business and affairs of the savings bank shall
be exercised by its elected board of directors. The board of directors
shall consist of the number of directors fixed by the bylaws, but shall not
be fewer than 5. No more than 40% of the directors shall be salaried
employees of the savings bank, except that a higher percentage may be allowed
with the prior written approval of the Commissioner.
(Source: P.A. 98-1081, eff. 1-1-15
205 ILCS 205/4009
(205 ILCS 205/4009)
(from Ch. 17, par. 7304-9)
Bonds of officers and directors.
(a) Every person appointed or elected to any position
requiring the receipt, payment, management, or use of money
belonging to a savings bank or whose duties permit or require
access to or custody of any of the savings bank's money or
securities or whose duties permit the regular making of entries in
the books or other records of the savings bank shall become bonded in some
trust or company authorized to issue bonds in this State or in a fidelity
insurance company licensed to do business in this State before assuming any
duties. Each bond shall be on a form or forms as the Commissioner shall
require and in the amount as the board of directors shall fix and approve.
Each bond, payable to the savings bank, shall be an indemnity for any loss
the savings bank may sustain in money or other property
through any dishonest or criminal act or omission by any person
required to be bonded, committed either alone or in concert with
others. The bond shall be in the form and amount prescribed by
the Commissioner, who may at any time require one or more
additional bonds. Each bond
shall provide that a cancellation thereof either by the surety or
by the insured shall not become effective unless and until 30 days
notice in writing first shall have been given to the Commissioner,
unless he shall have approved the cancellation earlier.
(b) Nothing contained in this Section shall preclude the
Commissioner from proceeding against a savings bank as provided in
this Act should he believe that it is being conducted in an
unsafe manner in that the form or amount of bonds so fixed and
approved by the board of directors is inadequate to give reasonable
protection to the savings bank.
(Source: P.A. 96-1365, eff. 7-28-10.)
205 ILCS 205/4010
(205 ILCS 205/4010)
(from Ch. 17, par. 7304-10)
Conduct of directors and officers.
(a) Directors and officers occupy a fiduciary relationship to the
savings bank of which they are directors or officers, and a
director or officer shall not engage or participate, directly or
indirectly, in any business or transaction conducted on behalf of
or involving the savings bank that would result in a conflict of
their own personal interests with those of the savings bank which
they serve, unless: (i) the business or transactions are conducted in
good faith and are honest, fair, and reasonable to the savings bank; (ii)
a full disclosure of the business or transaction and the nature of
the director's or officer's interest is made to the board of
directors; and (iii) the business or transaction is approved in good
faith by the board of directors with any interested director
abstaining. The approval of the business or transaction shall be recorded
minutes. Any profits inuring to the officer or director shall not be at the
expense of the savings bank. The business or transaction shall not
represent a breach of the officer's or director's fiduciary duty
and shall not be fraudulent or illegal. Notwithstanding any other
provisions of this Section, the Commissioner may require the
disclosure by directors, officers, and employees of their personal
interest, directly or indirectly, in any business or transaction
on behalf of or involving the savings bank and of their control of
or active participation in enterprises having activities related
to the business of the savings bank. The following restrictions
governing the conduct of directors and officers expressly are
specified, but that specification does not excuse those persons from
the observance of any other aspect of the general fiduciary duty
owed by them to the savings bank which they serve:
(1) An officer or director of a mutual savings bank
shall not hold office or status as a director or officer of another mutual savings bank subject to this Act.
(2) A director shall receive as remuneration only
reasonable fees for services as a director or for service as a member of a committee of directors. A director who is also an officer or employee of the savings bank may receive compensation for service as an officer or employee.
(3) A director or officer shall not have any
interest, direct or indirect, in the purchase at less than its face value of any evidence of a savings account, deposit, or other indebtedness issued by the savings bank.
(4) A savings bank or director or officer thereof
shall not directly or indirectly require, as a condition to the granting of any loan or the extension of any other service by the savings bank or its affiliates that the borrower or any other person undertake a contract of insurance or any other agreement or understanding with respect to the direct or indirect furnishing of any other goods or services with any specific company, agency, or individual.
(5) An officer or director acting as proxy for a
member of a mutual savings bank shall not exercise, transfer, or delegate that right in any consideration of a private benefit or advantage, direct or indirect, accruing to himself nor surrender control or pass his office to any other for any consideration of a private benefit or advantage, direct or indirect. The voting rights of members shall not be the subject of sale or similar transaction, either directly or indirectly. Any officer or director who violates the provisions of this subsection shall be held accountable to the savings bank for any increment.
(6) A director or officer shall not solicit, accept,
or agree to accept, directly or indirectly, from any person other than the savings bank any gratuity, compensation, or other personal benefit for any action taken by the savings bank or for endeavoring to procure any action by the savings bank.
(7) Subject to the approval of the Commissioner, a
savings bank's bylaws may provide for reasonable indemnification to its officers, directors, and employees in connection with the faithful performance of their duties for the savings bank. The Commissioner may promulgate model indemnification provisions and may consider provisions available under the Business Corporation Act of 1983, the Illinois Banking Act, and those available to national banks.
(b) The bylaws of a savings bank may contain a provision providing that a
director is not personally liable to the savings bank or its shareholders for
damages for a breach of the director's fiduciary duty; provided, however, that
such provision may not eliminate or limit the liability of a director for any
of the following:
(1) An act or omission that is grossly negligent.
(2) A breach of the director's duty of loyalty to the
savings bank or its shareholders.
(3) Acts or omissions not in good faith or that
involve intentional misconduct or a knowing violation of law.
(4) A transaction from which the director derived an
improper personal benefit.
(5) An act or omission occurring before the effective
date of the provision in the bylaws authorized by this subsection.
(Source: P.A. 89-320, eff. 1-1-96.)
205 ILCS 205/4011
(205 ILCS 205/4011)
(from Ch. 17, par. 7304-11)
Right to dissent.
(a) A shareholder of a savings bank is entitled to dissent from and
obtain payment for his shares in the event of any of the following actions:
(1) Consummation of a plan of merger or consolidation
or a plan of share exchange to which the savings bank is a party if (i) shareholder authorization for the merger or consolidation or the share exchange is required by this Act or the articles of incorporation, or (ii) the savings bank is a subsidiary that is merged with its parent or another subsidiary.
(2) Consummation of a sale, lease, or exchange of all
or substantially all of the property and assets of the savings bank other than in the usual and regular course of business.
(3) An amendment of the articles of incorporation
that materially and adversely affects rights in respect of a dissenter's shares because it:
(A) alters or abolishes a preferential right of
(B) alters or abolishes a right in respect of
redemption, including a provision respecting a sinking fund for the redemption or repurchase, of shares;
(C) limits or eliminates cumulative voting rights
(4) Any other action taken pursuant to a shareholder
vote if the articles of incorporation, bylaws, or a resolution of the board of directors provide that shareholders are entitled to dissent and obtain payment for their shares in accordance with the procedures set forth in this Act or as may be otherwise provided in the articles, bylaws, or resolution.
(b) A shareholder entitled to dissent and obtain payment for his shares
under this Section may not challenge the corporate action creating his
entitlement unless the action is fraudulent with respect to the shareholder
or the corporation or constitutes a breach of a fiduciary duty owed to the
(c) A record owner of shares may assert dissenters' rights as to fewer
than all the shares recorded in the person's name only if the person
dissents with respect to all shares beneficially owned by any one person
and notifies the savings bank in writing of the name and address of each
person on whose behalf the record owner asserts dissenters' rights. The
rights of a partial dissenter are determined as if the shares as to which
dissent is made and the other shares were recorded in the names of
different shareholders. A beneficial owner of shares who is not the
record owner may assert dissenters' rights as to shares held on that
person's behalf only if the beneficial owner submits to the savings bank
the record owner's written consent to the dissent before or at the same time
the beneficial owner asserts dissenters' rights.
(Source: P.A. 86-1213.)
205 ILCS 205/4012
(205 ILCS 205/4012)
(from Ch. 17, par. 7304-12)
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.)
205 ILCS 205/4013
(205 ILCS 205/4013)
(from Ch. 17, par. 7304-13)
Access to books and records; communication with members
(a) Every member or shareholder shall have the right to inspect books
and records of the savings bank that pertain to his accounts. Otherwise,
the right of inspection and examination of the books and records shall be
limited as provided in this Act, and no other person shall have access to
the books and records nor shall be entitled to a list of the members or
(b) For the purpose of this Section, the term "financial records" means
any original, any copy, or any summary of (1) a document granting signature
authority over a deposit or account; (2) a statement, ledger card, or other
record on any deposit or account that shows each transaction in or with
respect to that account; (3) a check, draft, or money order drawn on a
savings bank or issued and payable by a savings bank; or (4) any other item
containing information pertaining to any relationship established in the
ordinary course of a savings bank's business between a savings bank and
its customer, including financial statements or other financial information
provided by the member or shareholder.
(c) This Section does not prohibit:
(1) The preparation, examination, handling, or
maintenance of any financial records by any officer, employee, or agent of a savings bank having custody of records or examination of records by a certified public accountant engaged by the savings bank to perform an independent audit.
(2) The examination of any financial records by, or
the furnishing of financial records by a savings bank to, any officer, employee, or agent of the Commissioner of Banks and Real Estate or the federal depository institution regulator for use solely in the exercise of his duties as an officer, employee, or agent.
(3) The publication of data furnished from financial
records relating to members or holders of capital where the data cannot be identified to any particular member, shareholder, or account.
(4) The making of reports or returns required under
Chapter 61 of the Internal Revenue Code of 1986.
(5) Furnishing information concerning the dishonor of
any negotiable instrument permitted to be disclosed under the Uniform Commercial Code.
(6) The exchange in the regular course of business of
(i) credit information between a savings bank and other savings banks or financial institutions or commercial enterprises, directly or through a consumer reporting agency or (ii) financial records or information derived from financial records between a savings bank and other savings banks or financial institutions or commercial enterprises for the purpose of conducting due diligence pursuant to a purchase or sale involving the savings bank or assets or liabilities of the savings bank.
(7) The furnishing of information to the appropriate
law enforcement authorities where the savings bank reasonably believes it has been the victim of a crime.
(8) The furnishing of information pursuant to the
Revised Uniform Unclaimed Property Act.
(9) The furnishing of information pursuant to the
Illinois Income Tax Act and the Illinois Estate and Generation-Skipping Transfer Tax Act.
(10) The furnishing of information pursuant to the
federal Currency and Foreign Transactions Reporting Act, (Title 31, United States Code, Section 1051 et seq.).
(11) The furnishing of information pursuant to any
other statute which by its terms or by regulations promulgated thereunder requires the disclosure of financial records other than by subpoena, summons, warrant, or court order.
(12) The furnishing of information in accordance with
the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996. Any savings bank governed by this Act shall enter into an agreement for data exchanges with a State agency provided the State agency pays to the savings bank a reasonable fee not to exceed its actual cost incurred. A savings bank providing information in accordance with this item shall not be liable to any account holder or other person for any disclosure of information to a State agency, for encumbering or surrendering any assets held by the savings bank in response to a lien or order to withhold and deliver issued by a State agency, or for any other action taken pursuant to this item, including individual or mechanical errors, provided the action does not constitute gross negligence or willful misconduct. A savings bank shall have no obligation to hold, encumber, or surrender assets until it has been served with a subpoena, summons, warrant, court or administrative order, lien, or levy.
(13) The furnishing of information to law enforcement
authorities, the Illinois Department on Aging and its regional administrative and provider agencies, the Department of Human Services Office of Inspector General, or public guardians: (i) upon subpoena by the investigatory entity or the guardian, or (ii) if there is suspicion by the savings bank that a customer who is an elderly person or person with a disability has been or may become the victim of financial exploitation. For the purposes of this item (13), the term: (i) "elderly person" means a person who is 60 or more years of age, (ii) "person with a disability" means a person who has or reasonably appears to the savings bank to have a physical or mental disability that impairs his or her ability to seek or obtain protection from or prevent financial exploitation, and (iii) "financial exploitation" means tortious or illegal use of the assets or resources of an elderly person or person with a disability, and includes, without limitation, misappropriation of the assets or resources of the elderly person or person with a disability by undue influence, breach of fiduciary relationship, intimidation, fraud, deception, extortion, or the use of assets or resources in any manner contrary to law. A savings bank or person furnishing information pursuant to this item (13) shall be entitled to the same rights and protections as a person furnishing information under the Adult Protective Services Act and the Illinois Domestic Violence Act of 1986.
(14) The disclosure of financial records or
information as necessary to effect, administer, or enforce a transaction requested or authorized by the member or holder of capital, or in connection with:
(A) servicing or processing a financial product
or service requested or authorized by the member or holder of capital;
(B) maintaining or servicing an account of a
member or holder of capital with the savings bank; or
(C) a proposed or actual securitization or
secondary market sale (including sales of servicing rights) related to a transaction of a member or holder of capital.
Nothing in this item (14), however, authorizes the
sale of the financial records or information of a member or holder of capital without the consent of the member or holder of capital.
(15) The exchange in the regular course of business
of information between a savings bank and any commonly owned affiliate of the savings bank, subject to the provisions of the Financial Institutions Insurance Sales Law.
(16) The disclosure of financial records or
information as necessary to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability.
(17)(a) The disclosure of financial records or
information related to a private label credit program between a financial institution and a private label party in connection with that private label credit program. Such information is limited to outstanding balance, available credit, payment and performance and account history, product references, purchase information, and information related to the identity of the customer.
(b)(1) For purposes of this paragraph (17) of
subsection (c) of Section 4013, a "private label credit program" means a credit program involving a financial institution and a private label party that is used by a customer of the financial institution and the private label party primarily for payment for goods or services sold, manufactured, or distributed by a private label party.
(2) For purposes of this paragraph (17) of subsection
(c) of Section 4013, a "private label party" means, with respect to a private label credit program, any of the following: a retailer, a merchant, a manufacturer, a trade group, or any such person's affiliate, subsidiary, member, agent, or service provider.
(d) A savings bank may not disclose to any person, except to the member
or holder of capital or his duly authorized agent, any financial records
relating to that member or shareholder of the savings bank unless:
(1) the member or shareholder has authorized
disclosure to the person; or
(2) the financial records are disclosed in response
to a lawful subpoena, summons, warrant, citation to discover assets, or court order that meets the requirements of subsection (e) of this Section.
(e) A savings bank shall disclose financial records under subsection (d)
of this Section pursuant to a lawful subpoena, summons, warrant, citation to discover assets, or court
order only after the savings bank mails a copy of the subpoena, summons,
warrant, citation to discover assets, or court order to the person establishing the relationship with
the savings bank, if living, and otherwise, his personal representative, if
known, at his last known address by first class mail, postage prepaid,
unless the savings bank is specifically prohibited from notifying the
person by order of court.
(f) Any officer or employee of a savings bank who knowingly and
willfully furnishes financial records in violation of this Section is
guilty of a business offense and, upon conviction, shall be fined not
more than $1,000.
(g) Any person who knowingly and willfully induces or attempts to
induce any officer or employee of a savings bank to disclose financial
records in violation of this Section is guilty of a business offense and,
upon conviction, shall be fined not more than $1,000.
(h) If any member or shareholder desires to communicate with the other
members or shareholders of the savings bank with reference to any question
pending or to be presented at an annual or special meeting, the savings
bank shall give that person, upon request, a statement of the approximate
number of members or shareholders entitled to vote at the meeting and an
estimate of the cost of preparing and mailing the communication. The
requesting member shall submit the communication to the Commissioner
who, upon finding it to be appropriate and truthful, shall direct that it
be prepared and mailed to the members upon the requesting member's or
shareholder's payment or adequate provision for payment of the expenses of
preparation and mailing.
(i) A savings bank shall be reimbursed for costs that are necessary and
that have been directly incurred in searching for, reproducing, or
transporting books, papers, records, or other data of a customer required
to be reproduced pursuant to a lawful subpoena, warrant, citation to discover assets, or court order.
(j) Notwithstanding the provisions of this Section, a savings bank may
sell or otherwise make use of lists of customers' names and addresses. All
other information regarding a customer's account is subject to the
disclosure provisions of this Section. At the request of any customer,
that customer's name and address shall be deleted from any list that is to
be sold or used in any other manner beyond identification of the customer's
(Source: P.A. 99-143, eff. 7-27-15; 100-22, eff. 1-1-18; 100-201, eff. 8-18-17
205 ILCS 205/4014
(205 ILCS 205/4014)
Waiver of notice.
Whenever any notice whatsoever is required
be given under
this Act or under the provisions of the articles of incorporation or bylaws
of a savings bank, a waiver thereof in writing signed by the person
entitled to the notice, whether before or after the time stated therein, shall
be deemed equivalent to the giving of the notice. Attendance at any meeting
shall constitute waiver of notice thereof unless the person at the meeting
objects to the holding of the meeting because proper notice was not given.
(Source: P.A. 91-97, eff. 7-9-99.)