Illinois General Assembly - Full Text of SB1438
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Full Text of SB1438  102nd General Assembly



State of Illinois
2021 and 2022


Introduced 2/25/2021, by Sen. Dan McConchie


205 ILCS 115/2  from Ch. 17, par. 3602

    Amends the Savings and Loan Share and Account Act. Makes a technical change to a Section relating to joint ownership of accounts.

LRB102 11216 BMS 16548 b





SB1438LRB102 11216 BMS 16548 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Savings and Loan Share and Account Act is
5amended by changing Section 2 as follows:
6    (205 ILCS 115/2)  (from Ch. 17, par. 3602)
7    Sec. 2. Any savings and and loan or Federal savings and
8loan association may issue shares, share accounts or accounts
9in the joint names of two or more persons or their survivor, in
10which event any of such persons shall have power to act in all
11matters related to such shares, share accounts or accounts
12whether the other person or persons named in such shares,
13share accounts or accounts be living or not. Such a joint
14account shall create a single membership in any such
15association. The repurchase or redemption or withdrawal value
16of shares, share accounts or accounts issued in joint names,
17and dividends thereon, or other rights relating thereto, may
18be paid or delivered, in whole or in part, to any of such
19persons, whether the other person or persons be living or not.
20The payment or delivery to any such person, or a receipt or
21acquittance signed by any such person, to whom any such
22payment or any such delivery of rights is made, shall be a
23valid and sufficient release and discharge of any such



SB1438- 2 -LRB102 11216 BMS 16548 b

1association for the payment or delivery so made.
2(Source: Laws 1939, p. 478.)