[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB0734
205 ILCS 5/10 from Ch. 17, par. 317
Amends the Illinois Banking Act. Makes changes to the
caption of a Section concerning permits to organize a bank.
LRB9002638JSgc
LRB9002638JSgc
1 AN ACT to amend the Illinois Banking Act by changing
2 Section 10.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Banking Act is amended by
6 changing Section 10 as follows:
7 (205 ILCS 5/10) (from Ch. 17, par. 317)
8 Sec. 10. Permit to organize a bank. Upon the filing of an
9 application for a permit to organize, the Commissioner shall
10 investigate the truth of the statements therein and shall
11 consider the proposed bank's capital structure, its future
12 earnings prospects, the general character of its proposed
13 management, and the convenience and needs of the area sought
14 to be served and notwithstanding the provisions of Section 7
15 of this Act, the commissioner shall not approve the
16 application and issue a permit to organize unless he shall be
17 of the opinion and finds:
18 (1) That the proposed capital at least meets the minimum
19 requirements of this Act determined by the Commissioner
20 pursuant to Section 7 of this Act including additional
21 capital necessitated by the circumstances of the proposed
22 bank including its size, scope of operations and market in
23 which it proposes to operate;
24 (2) That the future earnings prospects are favorable;
25 (3) That the general character of its proposed
26 management is such as to assure reasonable promise of
27 successful, safe and sound operation;
28 (4) That the name of the proposed bank is not the same
29 as or deceptively similar to the name of any other bank then
30 operating in this State; and
31 (5) That the convenience and needs of the area sought to
-2- LRB9002638JSgc
1 be served by the proposed bank will be promoted.
2 (Source: P.A. 86-368.)