Section 1075.1950  Liquidation Account – Distribution Upon Complete Liquidation

In the event of a complete liquidation of the converted savings bank (and only in this event), each eligible account holder and supplemental eligible account holder shall be entitled to receive a liquidation distribution from the liquidation account, in the amount of the then current adjusted subaccount balances for savings accounts then held, before any liquidation distribution may be made with respect to capital stock.  No merger, consolidation, purchase of bulk assets with assumption of savings accounts and other liabilities, or similar transaction, in which the converted savings bank is not the survivor, is considered to be a complete liquidation for this purpose.  In these transactions, the liquidation account shall be assumed by the surviving institution.

(Source:  Added at 17 Ill. Reg. 8894, effective June 7, 1993)