|
|
|
|
93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5855
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
|
|
205 ILCS 115/2 |
from Ch. 17, par. 3602 |
|
Amends the Savings and Loan Share and Account Act.
Makes technical changes
to a Section
relating to joint ownership of accounts.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB5855 |
|
LRB093 16898 SAS 42555 b |
|
|
| 1 |
| AN ACT concerning financial regulation.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Savings and Loan Share and Account Act is |
| 5 |
| amended by changing
Section 2 as follows:
|
| 6 |
| (205 ILCS 115/2) (from Ch. 17, par. 3602)
|
| 7 |
| Sec. 2. Joint ownership of accounts. Any savings and loan |
| 8 |
| or
Federal savings and loan association may
issue shares, share |
| 9 |
| accounts or accounts in the joint names of 2
two or
more
|
| 10 |
| persons or their survivor, in which event any of such persons |
| 11 |
| shall have
power to act in all matters related to such shares, |
| 12 |
| share accounts or
accounts whether the other person or persons |
| 13 |
| named in such shares, share
accounts or accounts be living or |
| 14 |
| not. Such a joint account shall create a
single membership in |
| 15 |
| any such association. The repurchase or redemption or
|
| 16 |
| withdrawal value of shares, share accounts or accounts issued |
| 17 |
| in joint
names, and dividends thereon, or other rights relating |
| 18 |
| thereto, may be paid
or delivered, in whole or in part, to any |
| 19 |
| of such persons, whether the
other person or persons be living |
| 20 |
| or not. The payment or delivery to any
such person, or a |
| 21 |
| receipt or acquittance signed by any such person, to whom
any |
| 22 |
| such payment or any such delivery of rights is made, shall be a |
| 23 |
| valid
and sufficient release and discharge of any such |
| 24 |
| association for the
payment or delivery so made.
|
| 25 |
| (Source: Laws 1939, p. 478.)
|
Translate
