State Codes and Statutes

Statutes > Illinois > Chapter205 > 1180 > 020501050HArt_9


      (205 ILCS 105/Art. 9 heading)
ARTICLE 9. VOLUNTARY LIQUIDATION

    (205 ILCS 105/9‑1) (from Ch. 17, par. 3309‑1)
    Sec. 9‑1. Authority to liquidate. An association may liquidate voluntarily in accordance with a plan of voluntary liquidation which has been adopted in the manner provided in this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑2) (from Ch. 17, par. 3309‑2)
    Sec. 9‑2. Decision as to liquidation; Adoption of plan. (a) At any annual or special meeting of the members, the members may vote to liquidate the association and may adopt a plan of liquidation which has been approved by the board of directors or proposed by one or more shareholders or submitted by the Commissioner; or may elect a committee of 3 persons to prepare and submit a plan, and thereafter may adopt such plan. However, no plan except one submitted by the Commissioner shall be adopted unless it has been filed with the Commissioner at least 5 days before the vote of the members is taken thereon.
    (b) A plan will be adopted upon receiving in the affirmative 2/3 or more of the total number of votes which all members of the association are entitled to cast.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑3) (from Ch. 17, par. 3309‑3)
    Sec. 9‑3. Plan of voluntary liquidation. The plan of voluntary liquidation shall provide for the full liquidation of the association, setting forth the powers, duties, manner of filling vacancies and succession of the liquidators and authorizing them to:
    (a) Advance funds of the association to preserve, protect or purchase at any sale any asset in which the association has an interest;
    (b) Sell, convey, lease, mortgage or exchange any assets for other assets;
    (c) Sell and dispose of any assets at public sale to the highest and best bidder or at private sale for the highest price obtainable;
    (d) Accept withdrawable capital of the association to apply upon the purchase price of any assets, but only for such relative values as may be approved by the Commissioner from time to time. Notice by single publication or by mailing, stating the time, place and terms of the sale, shall be given to all holders of withdrawable capital prior to the sale;
    (e) Pay out of the proceeds of liquidation all expenses and services necessary to the liquidation, and also compensation of the liquidators; but such compensation of the liquidators, exclusive of compensation for legal services and other specialized employment, shall not exceed in the aggregate 3% of the proceeds of liquidation; and
    (f) Publish a notice once to claimants and submit a final report of the liquidators to the Commissioner if the plan of voluntary liquidation is adopted after the ratification and approval of an agreement for the sale of all the association's assets and the assumptions of all of the association's liabilities. If the Commissioner approves the final report, the liquidation and dissolution of the liquidated association will be final upon the filing of a certificate of complete liquidation as provided for in this Act.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑4) (from Ch. 17, par. 3309‑4)
    Sec. 9‑4. Election of liquidators, report and supervision. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect (with cumulative voting permitted as in elections of directors) not more than 3 liquidators, who shall have full power to execute the plan; and the procedure thereafter shall be as follows:
    (a) A report of proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes which all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the Commissioner, together with the plan;
    (b) If the Commissioner finds that the plan and proceedings are in accordance with this Act, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one copy to the liquidators, and, in the case of an insured association, one copy to the insurance corporation;
    (c) The plan shall become effective upon the recording of the Commissioner's certificate of approval in the manner required by this Act for the recording of articles of incorporation; and
    (d) The liquidation of the association shall be subject to the supervision and examination of the Commissioner, which shall include the preparation and mailing of reports by the liquidator on the progress of the liquidation to the members of the association. These reports shall be issued semi‑annually, or at more frequent intervals as determined by the Commissioner, with the first report being due not later than 6 months from the date of recording of the Commissioner's certificate of approval of the plan of voluntary liquidation.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑5) (from Ch. 17, par. 3309‑5)
    Sec. 9‑5. Protection and liquidation of assets. The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve, protect or purchase at any sale any real estate or other asset upon which the association may hold any lien or encumbrance or in which it may have an interest. The liquidators may sell, convey, lease, mortgage or exchange any assets so purchased or other assets; and in furtherance of the liquidation of the association, may sell and dispose of any of its assets at public sale to the highest and best bidder; or may sell any such assets at private sale for the highest price obtainable. No purchaser shall be required to ascertain the application of the purchase price.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑6) (from Ch. 17, par. 3309‑6)
    Sec. 9‑6. Notice to file claims. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and shall cause notice to be published, requiring all persons to present the claims on or before such date, and within 5 days after the first publication shall mail a copy of such notice to each person whose name appears on the association's records as having a claim. Each claim shall be in writing and verified by the claimant or a duly authorized agent. A claim may be presented at any time on or before the date fixed in the published notice, but any claim not so presented shall be barred. Upon the disallowance of any claim, the liquidators immediately shall notify the claimant of such fact, and the claimant may institute suit to establish such claim at any time before the final distribution.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑7) (from Ch. 17, par. 3309‑7)
    Sec. 9‑7. Claims of members. Whether a member files or does not file a claim with respect to an interest which he has as such member, the liquidators shall determine from the records of the association the amount of such member's claim. Any such member may examine the association's records pertaining to his own claim. The records of the association shall be prima facie evidence of each such claim or interest, and no member shall be entitled to a greater claim or proportionate interest in the association unless and until the liquidators shall have agreed to a correction of the records pertaining to such claim or interest, or shall be ordered to correct such records by a court of competent jurisdiction. The liquidators shall require all members to present their certificates or account books, if any, for verification and endorsement upon payment of any liquidating dividend or distribution; and upon final distribution, such certificates or account books, if any, shall be surrendered to the liquidators.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑8) (from Ch. 17, par. 3309‑8)
    Sec. 9‑8. Payments and distribution. Claims having a preference in law shall be given preference in payment; except that no payment of less than $10.00 need be made until final distribution. No distribution shall be made on claims for withdrawable capital until such preferred claims have been paid or provided for in full, or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. Ratable payments and distributions on withdrawable capital may be made at any time after the time fixed for the presentment and allowance of claims has elapsed. Holders of permanent reserve capital, if any, shall participate in the liquidation of the remaining assets after payment or provision for payment has been made in full to all creditors, holders of withdrawable capital and any claims which the holders may have in the balance of any segregated reserves. Final distribution shall be made in accordance with Section 9‑9 of this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑9) (from Ch. 17, par. 3309‑9)
    Sec. 9‑9. Final distribution and dissolution by commissioner. When all assets have been liquidated and all claims and expenses have been paid, dissolution of the association shall be accomplished in the following manner:
    (a) The liquidators shall file with the Commissioner the duly verified final report of their acts and proposed final distribution;
    (b) Upon the Commissioner's approval of the final report, the liquidators shall publish notice of the proposed distribution and shall allow any shareholder to examine the records of the association to ascertain his proper share of such distribution. Any shareholder who fails to commence, before the date fixed for final distribution, appropriate judicial proceedings to contest such distribution shall be barred from contesting the same thereafter. The liquidators shall proceed to make final distribution on the date fixed therefor, except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution, and payment of any judgment entered therein;
    (c) When final distribution has been made, except as to any money due to but unclaimed by any creditor, shareholder or other person, the liquidators shall deposit such unclaimed money with the Commissioner, for payment to the person or persons entitled thereto upon application and proof of right as provided by law;
    (d) The liquidators also shall deliver to the Commissioner all books of account and other records of the association, for preservation for at least 2 years and destruction thereafter as provided by law; and
    (e) Upon completion of the foregoing procedure, the liquidators shall be discharged; the Commissioner shall issue a certificate of dissolution of the association and shall record same in the manner required by this Act for the recording of articles of incorporation; and upon such recording, the dissolution shall be effective.
(Source: P.A. 84‑543.)

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1180 > 020501050HArt_9


      (205 ILCS 105/Art. 9 heading)
ARTICLE 9. VOLUNTARY LIQUIDATION

    (205 ILCS 105/9‑1) (from Ch. 17, par. 3309‑1)
    Sec. 9‑1. Authority to liquidate. An association may liquidate voluntarily in accordance with a plan of voluntary liquidation which has been adopted in the manner provided in this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑2) (from Ch. 17, par. 3309‑2)
    Sec. 9‑2. Decision as to liquidation; Adoption of plan. (a) At any annual or special meeting of the members, the members may vote to liquidate the association and may adopt a plan of liquidation which has been approved by the board of directors or proposed by one or more shareholders or submitted by the Commissioner; or may elect a committee of 3 persons to prepare and submit a plan, and thereafter may adopt such plan. However, no plan except one submitted by the Commissioner shall be adopted unless it has been filed with the Commissioner at least 5 days before the vote of the members is taken thereon.
    (b) A plan will be adopted upon receiving in the affirmative 2/3 or more of the total number of votes which all members of the association are entitled to cast.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑3) (from Ch. 17, par. 3309‑3)
    Sec. 9‑3. Plan of voluntary liquidation. The plan of voluntary liquidation shall provide for the full liquidation of the association, setting forth the powers, duties, manner of filling vacancies and succession of the liquidators and authorizing them to:
    (a) Advance funds of the association to preserve, protect or purchase at any sale any asset in which the association has an interest;
    (b) Sell, convey, lease, mortgage or exchange any assets for other assets;
    (c) Sell and dispose of any assets at public sale to the highest and best bidder or at private sale for the highest price obtainable;
    (d) Accept withdrawable capital of the association to apply upon the purchase price of any assets, but only for such relative values as may be approved by the Commissioner from time to time. Notice by single publication or by mailing, stating the time, place and terms of the sale, shall be given to all holders of withdrawable capital prior to the sale;
    (e) Pay out of the proceeds of liquidation all expenses and services necessary to the liquidation, and also compensation of the liquidators; but such compensation of the liquidators, exclusive of compensation for legal services and other specialized employment, shall not exceed in the aggregate 3% of the proceeds of liquidation; and
    (f) Publish a notice once to claimants and submit a final report of the liquidators to the Commissioner if the plan of voluntary liquidation is adopted after the ratification and approval of an agreement for the sale of all the association's assets and the assumptions of all of the association's liabilities. If the Commissioner approves the final report, the liquidation and dissolution of the liquidated association will be final upon the filing of a certificate of complete liquidation as provided for in this Act.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑4) (from Ch. 17, par. 3309‑4)
    Sec. 9‑4. Election of liquidators, report and supervision. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect (with cumulative voting permitted as in elections of directors) not more than 3 liquidators, who shall have full power to execute the plan; and the procedure thereafter shall be as follows:
    (a) A report of proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes which all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the Commissioner, together with the plan;
    (b) If the Commissioner finds that the plan and proceedings are in accordance with this Act, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one copy to the liquidators, and, in the case of an insured association, one copy to the insurance corporation;
    (c) The plan shall become effective upon the recording of the Commissioner's certificate of approval in the manner required by this Act for the recording of articles of incorporation; and
    (d) The liquidation of the association shall be subject to the supervision and examination of the Commissioner, which shall include the preparation and mailing of reports by the liquidator on the progress of the liquidation to the members of the association. These reports shall be issued semi‑annually, or at more frequent intervals as determined by the Commissioner, with the first report being due not later than 6 months from the date of recording of the Commissioner's certificate of approval of the plan of voluntary liquidation.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑5) (from Ch. 17, par. 3309‑5)
    Sec. 9‑5. Protection and liquidation of assets. The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve, protect or purchase at any sale any real estate or other asset upon which the association may hold any lien or encumbrance or in which it may have an interest. The liquidators may sell, convey, lease, mortgage or exchange any assets so purchased or other assets; and in furtherance of the liquidation of the association, may sell and dispose of any of its assets at public sale to the highest and best bidder; or may sell any such assets at private sale for the highest price obtainable. No purchaser shall be required to ascertain the application of the purchase price.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑6) (from Ch. 17, par. 3309‑6)
    Sec. 9‑6. Notice to file claims. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and shall cause notice to be published, requiring all persons to present the claims on or before such date, and within 5 days after the first publication shall mail a copy of such notice to each person whose name appears on the association's records as having a claim. Each claim shall be in writing and verified by the claimant or a duly authorized agent. A claim may be presented at any time on or before the date fixed in the published notice, but any claim not so presented shall be barred. Upon the disallowance of any claim, the liquidators immediately shall notify the claimant of such fact, and the claimant may institute suit to establish such claim at any time before the final distribution.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑7) (from Ch. 17, par. 3309‑7)
    Sec. 9‑7. Claims of members. Whether a member files or does not file a claim with respect to an interest which he has as such member, the liquidators shall determine from the records of the association the amount of such member's claim. Any such member may examine the association's records pertaining to his own claim. The records of the association shall be prima facie evidence of each such claim or interest, and no member shall be entitled to a greater claim or proportionate interest in the association unless and until the liquidators shall have agreed to a correction of the records pertaining to such claim or interest, or shall be ordered to correct such records by a court of competent jurisdiction. The liquidators shall require all members to present their certificates or account books, if any, for verification and endorsement upon payment of any liquidating dividend or distribution; and upon final distribution, such certificates or account books, if any, shall be surrendered to the liquidators.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑8) (from Ch. 17, par. 3309‑8)
    Sec. 9‑8. Payments and distribution. Claims having a preference in law shall be given preference in payment; except that no payment of less than $10.00 need be made until final distribution. No distribution shall be made on claims for withdrawable capital until such preferred claims have been paid or provided for in full, or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. Ratable payments and distributions on withdrawable capital may be made at any time after the time fixed for the presentment and allowance of claims has elapsed. Holders of permanent reserve capital, if any, shall participate in the liquidation of the remaining assets after payment or provision for payment has been made in full to all creditors, holders of withdrawable capital and any claims which the holders may have in the balance of any segregated reserves. Final distribution shall be made in accordance with Section 9‑9 of this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑9) (from Ch. 17, par. 3309‑9)
    Sec. 9‑9. Final distribution and dissolution by commissioner. When all assets have been liquidated and all claims and expenses have been paid, dissolution of the association shall be accomplished in the following manner:
    (a) The liquidators shall file with the Commissioner the duly verified final report of their acts and proposed final distribution;
    (b) Upon the Commissioner's approval of the final report, the liquidators shall publish notice of the proposed distribution and shall allow any shareholder to examine the records of the association to ascertain his proper share of such distribution. Any shareholder who fails to commence, before the date fixed for final distribution, appropriate judicial proceedings to contest such distribution shall be barred from contesting the same thereafter. The liquidators shall proceed to make final distribution on the date fixed therefor, except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution, and payment of any judgment entered therein;
    (c) When final distribution has been made, except as to any money due to but unclaimed by any creditor, shareholder or other person, the liquidators shall deposit such unclaimed money with the Commissioner, for payment to the person or persons entitled thereto upon application and proof of right as provided by law;
    (d) The liquidators also shall deliver to the Commissioner all books of account and other records of the association, for preservation for at least 2 years and destruction thereafter as provided by law; and
    (e) Upon completion of the foregoing procedure, the liquidators shall be discharged; the Commissioner shall issue a certificate of dissolution of the association and shall record same in the manner required by this Act for the recording of articles of incorporation; and upon such recording, the dissolution shall be effective.
(Source: P.A. 84‑543.)

State Codes and Statutes

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1180 > 020501050HArt_9


      (205 ILCS 105/Art. 9 heading)
ARTICLE 9. VOLUNTARY LIQUIDATION

    (205 ILCS 105/9‑1) (from Ch. 17, par. 3309‑1)
    Sec. 9‑1. Authority to liquidate. An association may liquidate voluntarily in accordance with a plan of voluntary liquidation which has been adopted in the manner provided in this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑2) (from Ch. 17, par. 3309‑2)
    Sec. 9‑2. Decision as to liquidation; Adoption of plan. (a) At any annual or special meeting of the members, the members may vote to liquidate the association and may adopt a plan of liquidation which has been approved by the board of directors or proposed by one or more shareholders or submitted by the Commissioner; or may elect a committee of 3 persons to prepare and submit a plan, and thereafter may adopt such plan. However, no plan except one submitted by the Commissioner shall be adopted unless it has been filed with the Commissioner at least 5 days before the vote of the members is taken thereon.
    (b) A plan will be adopted upon receiving in the affirmative 2/3 or more of the total number of votes which all members of the association are entitled to cast.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑3) (from Ch. 17, par. 3309‑3)
    Sec. 9‑3. Plan of voluntary liquidation. The plan of voluntary liquidation shall provide for the full liquidation of the association, setting forth the powers, duties, manner of filling vacancies and succession of the liquidators and authorizing them to:
    (a) Advance funds of the association to preserve, protect or purchase at any sale any asset in which the association has an interest;
    (b) Sell, convey, lease, mortgage or exchange any assets for other assets;
    (c) Sell and dispose of any assets at public sale to the highest and best bidder or at private sale for the highest price obtainable;
    (d) Accept withdrawable capital of the association to apply upon the purchase price of any assets, but only for such relative values as may be approved by the Commissioner from time to time. Notice by single publication or by mailing, stating the time, place and terms of the sale, shall be given to all holders of withdrawable capital prior to the sale;
    (e) Pay out of the proceeds of liquidation all expenses and services necessary to the liquidation, and also compensation of the liquidators; but such compensation of the liquidators, exclusive of compensation for legal services and other specialized employment, shall not exceed in the aggregate 3% of the proceeds of liquidation; and
    (f) Publish a notice once to claimants and submit a final report of the liquidators to the Commissioner if the plan of voluntary liquidation is adopted after the ratification and approval of an agreement for the sale of all the association's assets and the assumptions of all of the association's liabilities. If the Commissioner approves the final report, the liquidation and dissolution of the liquidated association will be final upon the filing of a certificate of complete liquidation as provided for in this Act.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑4) (from Ch. 17, par. 3309‑4)
    Sec. 9‑4. Election of liquidators, report and supervision. Upon adoption of a plan of voluntary liquidation, the members shall proceed to elect (with cumulative voting permitted as in elections of directors) not more than 3 liquidators, who shall have full power to execute the plan; and the procedure thereafter shall be as follows:
    (a) A report of proceedings at the meeting of members, certified by the presiding officer of the meeting and attested by the secretary of the meeting, and setting forth the notice given and time of mailing thereof, the vote on the plan of voluntary liquidation, the total number of votes which all members of the association were entitled to cast thereon, and the names of the liquidators elected, shall be filed in triplicate with the Commissioner, together with the plan;
    (b) If the Commissioner finds that the plan and proceedings are in accordance with this Act, that the bonds of the liquidators are sufficient, and that the plan is not unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one copy to the liquidators, and, in the case of an insured association, one copy to the insurance corporation;
    (c) The plan shall become effective upon the recording of the Commissioner's certificate of approval in the manner required by this Act for the recording of articles of incorporation; and
    (d) The liquidation of the association shall be subject to the supervision and examination of the Commissioner, which shall include the preparation and mailing of reports by the liquidator on the progress of the liquidation to the members of the association. These reports shall be issued semi‑annually, or at more frequent intervals as determined by the Commissioner, with the first report being due not later than 6 months from the date of recording of the Commissioner's certificate of approval of the plan of voluntary liquidation.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑5) (from Ch. 17, par. 3309‑5)
    Sec. 9‑5. Protection and liquidation of assets. The liquidators are authorized to advance funds of the association and to take such other action as is advisable to preserve, protect or purchase at any sale any real estate or other asset upon which the association may hold any lien or encumbrance or in which it may have an interest. The liquidators may sell, convey, lease, mortgage or exchange any assets so purchased or other assets; and in furtherance of the liquidation of the association, may sell and dispose of any of its assets at public sale to the highest and best bidder; or may sell any such assets at private sale for the highest price obtainable. No purchaser shall be required to ascertain the application of the purchase price.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑6) (from Ch. 17, par. 3309‑6)
    Sec. 9‑6. Notice to file claims. The liquidators shall fix a time for all persons having claims against the association, other than as members thereof, to present such claims, and shall cause notice to be published, requiring all persons to present the claims on or before such date, and within 5 days after the first publication shall mail a copy of such notice to each person whose name appears on the association's records as having a claim. Each claim shall be in writing and verified by the claimant or a duly authorized agent. A claim may be presented at any time on or before the date fixed in the published notice, but any claim not so presented shall be barred. Upon the disallowance of any claim, the liquidators immediately shall notify the claimant of such fact, and the claimant may institute suit to establish such claim at any time before the final distribution.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑7) (from Ch. 17, par. 3309‑7)
    Sec. 9‑7. Claims of members. Whether a member files or does not file a claim with respect to an interest which he has as such member, the liquidators shall determine from the records of the association the amount of such member's claim. Any such member may examine the association's records pertaining to his own claim. The records of the association shall be prima facie evidence of each such claim or interest, and no member shall be entitled to a greater claim or proportionate interest in the association unless and until the liquidators shall have agreed to a correction of the records pertaining to such claim or interest, or shall be ordered to correct such records by a court of competent jurisdiction. The liquidators shall require all members to present their certificates or account books, if any, for verification and endorsement upon payment of any liquidating dividend or distribution; and upon final distribution, such certificates or account books, if any, shall be surrendered to the liquidators.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑8) (from Ch. 17, par. 3309‑8)
    Sec. 9‑8. Payments and distribution. Claims having a preference in law shall be given preference in payment; except that no payment of less than $10.00 need be made until final distribution. No distribution shall be made on claims for withdrawable capital until such preferred claims have been paid or provided for in full, or during the pendency of any suit unless sufficient funds are segregated to pay any judgment which may be rendered in such suit. Ratable payments and distributions on withdrawable capital may be made at any time after the time fixed for the presentment and allowance of claims has elapsed. Holders of permanent reserve capital, if any, shall participate in the liquidation of the remaining assets after payment or provision for payment has been made in full to all creditors, holders of withdrawable capital and any claims which the holders may have in the balance of any segregated reserves. Final distribution shall be made in accordance with Section 9‑9 of this Article.
(Source: P.A. 84‑543.)

    (205 ILCS 105/9‑9) (from Ch. 17, par. 3309‑9)
    Sec. 9‑9. Final distribution and dissolution by commissioner. When all assets have been liquidated and all claims and expenses have been paid, dissolution of the association shall be accomplished in the following manner:
    (a) The liquidators shall file with the Commissioner the duly verified final report of their acts and proposed final distribution;
    (b) Upon the Commissioner's approval of the final report, the liquidators shall publish notice of the proposed distribution and shall allow any shareholder to examine the records of the association to ascertain his proper share of such distribution. Any shareholder who fails to commence, before the date fixed for final distribution, appropriate judicial proceedings to contest such distribution shall be barred from contesting the same thereafter. The liquidators shall proceed to make final distribution on the date fixed therefor, except that such distribution shall be deferred until final disposition of any pending judicial action affecting the distribution, and payment of any judgment entered therein;
    (c) When final distribution has been made, except as to any money due to but unclaimed by any creditor, shareholder or other person, the liquidators shall deposit such unclaimed money with the Commissioner, for payment to the person or persons entitled thereto upon application and proof of right as provided by law;
    (d) The liquidators also shall deliver to the Commissioner all books of account and other records of the association, for preservation for at least 2 years and destruction thereafter as provided by law; and
    (e) Upon completion of the foregoing procedure, the liquidators shall be discharged; the Commissioner shall issue a certificate of dissolution of the association and shall record same in the manner required by this Act for the recording of articles of incorporation; and upon such recording, the dissolution shall be effective.
(Source: P.A. 84‑543.)