State Codes and Statutes

Statutes > Illinois > Chapter205 > 1184 > 020502050HArt_10


      (205 ILCS 205/Art. 10 heading)
ARTICLE 10. Custody and Conservatorship

    (205 ILCS 205/10001) (from Ch. 17, par. 7310‑1)
    Sec. 10001. Commissioner's authority to take custody and appoint a conservator or a receiver.
    (a) The Commissioner, in his discretion, may take custody of and appoint a conservator for the property, liabilities, books, records, business, and assets of every kind and character of any savings bank for any of the purposes hereinafter enumerated if it appears from reports made to the Commissioner or from examination made by or on behalf of the Commissioner:
        (1) That the savings bank has failed to produce an
     annual audited financial statement, after receiving one extension from the Commissioner as permitted by this Act.
        (2) That the savings bank's books and records, after
     at least 2 consecutive notices from the Commissioner spanning at least 2 consecutive calendar quarters, are in an inaccurate and incomplete condition to the extent that the Commissioner is unable, through the normal supervisory process, to determine the financial condition of the savings bank or the details or purpose of any transaction that may materially affect the savings bank's financial condition.
        (3) That the savings bank has failed or is about to
     fail to meet its capital requirement and can meet its requirements and restore its capital only with assistance from its federal insurer.
        (4) That the savings bank is insolvent in that its
     assets are less than its obligations to its creditors, including its depositors.
        (5) That the savings bank has experienced
     substantial dissipation of assets due to any violation of a law, regulation, or order of the Commissioner or due to any unsafe or unsound practice.
        (6) That there is a likelihood that the savings bank
     will not be able to meet the demands of its depositors or pay its obligations in the normal course of business.
        (7) That losses have occurred or are likely to occur
     that have or will deplete all or substantially all of the savings bank's capital and that there is no reasonable prospect for replenishment of the savings bank's capital without federal assistance.
        (8) That the savings bank or its officers,
     directors, employees, or persons in control of the savings bank are violating a law, regulation, or supervisory order of the Commissioner or of another of its financial regulators.
        (9) That the savings bank is in an unsafe or unsound
     condition likely to cause insolvency or a substantial dissipation of assets or earnings that will weaken the condition of the savings bank and will prejudice the interests of its depositors.
        (10) That the directors, officers, trustees, or
     liquidators have neglected, failed, or refused to take any action that the Commissioner may deem necessary for the protection of the savings bank, including production of an annual audited financial statement after an extension was granted, have continued to maintain the savings bank's books and records in an inaccurate and incomplete condition for 2 consecutive quarters after 2 notices from the Commissioner, or have impeded or obstructed an examination.
        (11) That the deposit accounts of the savings bank
     are impaired to the extent that the realizable value of its assets is insufficient to pay in full its creditors and holders of its deposit accounts or meet its obligations in the normal course of business; or that its capital stock is impaired.
        (12) That the savings bank is unable to continue
     operation.
        (13) That the business of the savings bank or
     savings bank in liquidation is being conducted in a fraudulent, illegal, or unsafe or unsound manner.
        (14) That the officers, employees, trustees, or
     liquidators have continued to assume duties or perform acts without giving bond as required by the provisions of this Act.
    (b) If any condition exists that would give the Commissioner authority to take custody of an insured depository institution, the action of the Commissioner may be withheld pending a satisfactory resolution of the condition as suggested by the insurance corporation, provided the savings bank has sufficient liquidity and has adopted and implemented an operating plan considered prudent by the Commissioner.
    (c) No action or inaction of the Commissioner taken under this Article shall cause the Commissioner to be personally liable for that action or inaction unless the Commissioner's action or inaction is found to be in violation of a criminal statute.
    (d) The Commissioner shall promulgate rules and regulations to govern the determination of a need for a conservator or receiver, the selection and appointment of a conservator or receiver, and the conduct of a conservatorship or receivership, including allocation of the payment of costs.
    (e) The proceedings pursuant to this Article shall be the exclusive remedy and, except for the Federal Deposit Insurance Corporation acting pursuant to the Federal Deposit Insurance Act, shall be the only proceedings commenced in any court for the taking of custody, the dissolution, the winding up of the affairs, or the appointment of a receiver for a savings bank.
(Source: P.A. 92‑483, eff. 8‑23‑01.)

    (205 ILCS 205/10002) (from Ch. 17, par. 7310‑2)
    Sec. 10002. Purposes of taking custody. The purposes of taking custody of a savings bank may be examination; production of an audited financial statement; further examination; reconstruction of books and records; conservation of assets; restoration of impaired capital; the making of any necessary or equitable adjustment, including changes in officers and management, as deemed necessary by the Commissioner under any plan of reorganization, liquidation, restructuring, dissolution, winding up of affairs, or appointment of receiver; restructuring of the savings bank through a merger or formation of a bridge bank; establishment of a conservatorship to operate and manage a savings bank as an ongoing concern until the grounds for custody and conservatorship are remedied; or the maturing of the obligation of the insurance corporation.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10003) (from Ch. 17, par. 7310‑3)
    Sec. 10003. Commissioner's powers during custody. During the period in which the Commissioner has custody of any savings bank, the Commissioner and any of his duly authorized agents shall have all powers necessary to accomplish the purposes of custody of any savings bank and, in addition, the powers, privileges, and authority previously vested in the officers, directors, liquidators, or trustees and the power to call meetings of the members, former officers and directors, liquidators, or trustees to consider and act upon matters deemed by the Commissioner to be of sufficient importance to consider the views of those persons.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10004) (from Ch. 17, par. 7310‑4)
    Sec. 10004. Custody of insured savings banks. If a savings bank of which the Commissioner takes custody under authority of this Article is an insured savings bank, the Commissioner, in addition to powers conferred in Sections 10002 and 10003, is authorized to:
        (1) Notify the deposit insurance corporation of the
     custody and his reasons therefor, including a copy of the Commissioner's report of examination and condition of the savings bank, and to appoint the deposit insurance corporation or its designee as receiver or conservator for the savings bank.
        (2) Permit the deposit insurance corporation to
     submit any plan or proposal for the reorganization, merger, liquidation, dissolution, or winding up of affairs of the savings bank that it may deem feasible.
        (3) Determine and declare the savings bank to be in
     default, find from his examination and from reports of the savings bank the amount of insured deposits, and make any necessary orders, findings, and determinations that may be required for the purpose of making the insurance available to the depositors.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10005) (from Ch. 17, par. 7310‑5)
    Sec. 10005. Notice of custody; action to enjoin. Immediately upon taking custody of a savings bank, the Commissioner shall mail a written notice thereof to the president or secretary and not fewer than 2 directors of the savings bank or to 2 or more of the trustees of any trust or to 2 or more of the liquidators if the savings bank is in liquidation. If the contention is made that the Commissioner has no legal grounds for taking custody of the savings bank, the directors or officers of the savings bank or the trustees or liquidators thereof, as the case may be, at any time within 10 days after the mailing of the notice, or within further periods of time as the Commissioner may extend, but not to exceed an additional 60 days, may file a complaint in the circuit court of the county in which the savings bank is located to enjoin further custody. The court thereupon shall cite the Commissioner to show cause why further custody should not be enjoined. If, upon hearing, the court finds that grounds did not or do not then exist, it may enter an appropriate order in accordance with the findings of fact or an order enjoining the Commissioner or any appointees acting under his direction from further custody.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10006) (from Ch. 17, par. 7310‑6)
    Sec. 10006. Segregation of collections during custody. All payments received on deposit accounts on depositors' unpledged accounts during custody of the savings bank by the Commissioner shall be segregated in a separate account until the savings bank shall be redelivered to the directors, trustees, or liquidators or delivered to a conservator or receiver. Any member whose payments have been so segregated may request the return of those payments, and the Commissioner shall repay the same without interest or dividends. Before delivery of the savings bank or its assets to any trustee, liquidator, receiver, or conservator, the Commissioner shall return the money so collected from members and so segregated.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10007) (from Ch. 17, par. 7310‑7)
    Sec. 10007. Redelivery of possession. If, after examination of the savings bank and consideration of all conditions affecting its affairs, the Commissioner finds that the cause or causes for taking custody have been removed, he shall relinquish custody of the savings, bank, remove any conservator appointed, and redeliver the savings bank and all assets, books, and records thereof to its directors, trustees, or liquidators who are qualified to accept them.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10008) (from Ch. 17, par. 7310‑8)
    Sec. 10008. Limitations upon custody. The custody of a savings bank by the Commissioner, including a conservatorship, may be continued for a reasonable period not to exceed 6 months, unless further extension shall be agreed upon by a vote of two‑thirds of the directors of the savings bank or ordered by a court of competent jurisdiction.
(Source: P.A. 86‑1213.)

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1184 > 020502050HArt_10


      (205 ILCS 205/Art. 10 heading)
ARTICLE 10. Custody and Conservatorship

    (205 ILCS 205/10001) (from Ch. 17, par. 7310‑1)
    Sec. 10001. Commissioner's authority to take custody and appoint a conservator or a receiver.
    (a) The Commissioner, in his discretion, may take custody of and appoint a conservator for the property, liabilities, books, records, business, and assets of every kind and character of any savings bank for any of the purposes hereinafter enumerated if it appears from reports made to the Commissioner or from examination made by or on behalf of the Commissioner:
        (1) That the savings bank has failed to produce an
     annual audited financial statement, after receiving one extension from the Commissioner as permitted by this Act.
        (2) That the savings bank's books and records, after
     at least 2 consecutive notices from the Commissioner spanning at least 2 consecutive calendar quarters, are in an inaccurate and incomplete condition to the extent that the Commissioner is unable, through the normal supervisory process, to determine the financial condition of the savings bank or the details or purpose of any transaction that may materially affect the savings bank's financial condition.
        (3) That the savings bank has failed or is about to
     fail to meet its capital requirement and can meet its requirements and restore its capital only with assistance from its federal insurer.
        (4) That the savings bank is insolvent in that its
     assets are less than its obligations to its creditors, including its depositors.
        (5) That the savings bank has experienced
     substantial dissipation of assets due to any violation of a law, regulation, or order of the Commissioner or due to any unsafe or unsound practice.
        (6) That there is a likelihood that the savings bank
     will not be able to meet the demands of its depositors or pay its obligations in the normal course of business.
        (7) That losses have occurred or are likely to occur
     that have or will deplete all or substantially all of the savings bank's capital and that there is no reasonable prospect for replenishment of the savings bank's capital without federal assistance.
        (8) That the savings bank or its officers,
     directors, employees, or persons in control of the savings bank are violating a law, regulation, or supervisory order of the Commissioner or of another of its financial regulators.
        (9) That the savings bank is in an unsafe or unsound
     condition likely to cause insolvency or a substantial dissipation of assets or earnings that will weaken the condition of the savings bank and will prejudice the interests of its depositors.
        (10) That the directors, officers, trustees, or
     liquidators have neglected, failed, or refused to take any action that the Commissioner may deem necessary for the protection of the savings bank, including production of an annual audited financial statement after an extension was granted, have continued to maintain the savings bank's books and records in an inaccurate and incomplete condition for 2 consecutive quarters after 2 notices from the Commissioner, or have impeded or obstructed an examination.
        (11) That the deposit accounts of the savings bank
     are impaired to the extent that the realizable value of its assets is insufficient to pay in full its creditors and holders of its deposit accounts or meet its obligations in the normal course of business; or that its capital stock is impaired.
        (12) That the savings bank is unable to continue
     operation.
        (13) That the business of the savings bank or
     savings bank in liquidation is being conducted in a fraudulent, illegal, or unsafe or unsound manner.
        (14) That the officers, employees, trustees, or
     liquidators have continued to assume duties or perform acts without giving bond as required by the provisions of this Act.
    (b) If any condition exists that would give the Commissioner authority to take custody of an insured depository institution, the action of the Commissioner may be withheld pending a satisfactory resolution of the condition as suggested by the insurance corporation, provided the savings bank has sufficient liquidity and has adopted and implemented an operating plan considered prudent by the Commissioner.
    (c) No action or inaction of the Commissioner taken under this Article shall cause the Commissioner to be personally liable for that action or inaction unless the Commissioner's action or inaction is found to be in violation of a criminal statute.
    (d) The Commissioner shall promulgate rules and regulations to govern the determination of a need for a conservator or receiver, the selection and appointment of a conservator or receiver, and the conduct of a conservatorship or receivership, including allocation of the payment of costs.
    (e) The proceedings pursuant to this Article shall be the exclusive remedy and, except for the Federal Deposit Insurance Corporation acting pursuant to the Federal Deposit Insurance Act, shall be the only proceedings commenced in any court for the taking of custody, the dissolution, the winding up of the affairs, or the appointment of a receiver for a savings bank.
(Source: P.A. 92‑483, eff. 8‑23‑01.)

    (205 ILCS 205/10002) (from Ch. 17, par. 7310‑2)
    Sec. 10002. Purposes of taking custody. The purposes of taking custody of a savings bank may be examination; production of an audited financial statement; further examination; reconstruction of books and records; conservation of assets; restoration of impaired capital; the making of any necessary or equitable adjustment, including changes in officers and management, as deemed necessary by the Commissioner under any plan of reorganization, liquidation, restructuring, dissolution, winding up of affairs, or appointment of receiver; restructuring of the savings bank through a merger or formation of a bridge bank; establishment of a conservatorship to operate and manage a savings bank as an ongoing concern until the grounds for custody and conservatorship are remedied; or the maturing of the obligation of the insurance corporation.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10003) (from Ch. 17, par. 7310‑3)
    Sec. 10003. Commissioner's powers during custody. During the period in which the Commissioner has custody of any savings bank, the Commissioner and any of his duly authorized agents shall have all powers necessary to accomplish the purposes of custody of any savings bank and, in addition, the powers, privileges, and authority previously vested in the officers, directors, liquidators, or trustees and the power to call meetings of the members, former officers and directors, liquidators, or trustees to consider and act upon matters deemed by the Commissioner to be of sufficient importance to consider the views of those persons.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10004) (from Ch. 17, par. 7310‑4)
    Sec. 10004. Custody of insured savings banks. If a savings bank of which the Commissioner takes custody under authority of this Article is an insured savings bank, the Commissioner, in addition to powers conferred in Sections 10002 and 10003, is authorized to:
        (1) Notify the deposit insurance corporation of the
     custody and his reasons therefor, including a copy of the Commissioner's report of examination and condition of the savings bank, and to appoint the deposit insurance corporation or its designee as receiver or conservator for the savings bank.
        (2) Permit the deposit insurance corporation to
     submit any plan or proposal for the reorganization, merger, liquidation, dissolution, or winding up of affairs of the savings bank that it may deem feasible.
        (3) Determine and declare the savings bank to be in
     default, find from his examination and from reports of the savings bank the amount of insured deposits, and make any necessary orders, findings, and determinations that may be required for the purpose of making the insurance available to the depositors.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10005) (from Ch. 17, par. 7310‑5)
    Sec. 10005. Notice of custody; action to enjoin. Immediately upon taking custody of a savings bank, the Commissioner shall mail a written notice thereof to the president or secretary and not fewer than 2 directors of the savings bank or to 2 or more of the trustees of any trust or to 2 or more of the liquidators if the savings bank is in liquidation. If the contention is made that the Commissioner has no legal grounds for taking custody of the savings bank, the directors or officers of the savings bank or the trustees or liquidators thereof, as the case may be, at any time within 10 days after the mailing of the notice, or within further periods of time as the Commissioner may extend, but not to exceed an additional 60 days, may file a complaint in the circuit court of the county in which the savings bank is located to enjoin further custody. The court thereupon shall cite the Commissioner to show cause why further custody should not be enjoined. If, upon hearing, the court finds that grounds did not or do not then exist, it may enter an appropriate order in accordance with the findings of fact or an order enjoining the Commissioner or any appointees acting under his direction from further custody.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10006) (from Ch. 17, par. 7310‑6)
    Sec. 10006. Segregation of collections during custody. All payments received on deposit accounts on depositors' unpledged accounts during custody of the savings bank by the Commissioner shall be segregated in a separate account until the savings bank shall be redelivered to the directors, trustees, or liquidators or delivered to a conservator or receiver. Any member whose payments have been so segregated may request the return of those payments, and the Commissioner shall repay the same without interest or dividends. Before delivery of the savings bank or its assets to any trustee, liquidator, receiver, or conservator, the Commissioner shall return the money so collected from members and so segregated.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10007) (from Ch. 17, par. 7310‑7)
    Sec. 10007. Redelivery of possession. If, after examination of the savings bank and consideration of all conditions affecting its affairs, the Commissioner finds that the cause or causes for taking custody have been removed, he shall relinquish custody of the savings, bank, remove any conservator appointed, and redeliver the savings bank and all assets, books, and records thereof to its directors, trustees, or liquidators who are qualified to accept them.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10008) (from Ch. 17, par. 7310‑8)
    Sec. 10008. Limitations upon custody. The custody of a savings bank by the Commissioner, including a conservatorship, may be continued for a reasonable period not to exceed 6 months, unless further extension shall be agreed upon by a vote of two‑thirds of the directors of the savings bank or ordered by a court of competent jurisdiction.
(Source: P.A. 86‑1213.)

State Codes and Statutes

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1184 > 020502050HArt_10


      (205 ILCS 205/Art. 10 heading)
ARTICLE 10. Custody and Conservatorship

    (205 ILCS 205/10001) (from Ch. 17, par. 7310‑1)
    Sec. 10001. Commissioner's authority to take custody and appoint a conservator or a receiver.
    (a) The Commissioner, in his discretion, may take custody of and appoint a conservator for the property, liabilities, books, records, business, and assets of every kind and character of any savings bank for any of the purposes hereinafter enumerated if it appears from reports made to the Commissioner or from examination made by or on behalf of the Commissioner:
        (1) That the savings bank has failed to produce an
     annual audited financial statement, after receiving one extension from the Commissioner as permitted by this Act.
        (2) That the savings bank's books and records, after
     at least 2 consecutive notices from the Commissioner spanning at least 2 consecutive calendar quarters, are in an inaccurate and incomplete condition to the extent that the Commissioner is unable, through the normal supervisory process, to determine the financial condition of the savings bank or the details or purpose of any transaction that may materially affect the savings bank's financial condition.
        (3) That the savings bank has failed or is about to
     fail to meet its capital requirement and can meet its requirements and restore its capital only with assistance from its federal insurer.
        (4) That the savings bank is insolvent in that its
     assets are less than its obligations to its creditors, including its depositors.
        (5) That the savings bank has experienced
     substantial dissipation of assets due to any violation of a law, regulation, or order of the Commissioner or due to any unsafe or unsound practice.
        (6) That there is a likelihood that the savings bank
     will not be able to meet the demands of its depositors or pay its obligations in the normal course of business.
        (7) That losses have occurred or are likely to occur
     that have or will deplete all or substantially all of the savings bank's capital and that there is no reasonable prospect for replenishment of the savings bank's capital without federal assistance.
        (8) That the savings bank or its officers,
     directors, employees, or persons in control of the savings bank are violating a law, regulation, or supervisory order of the Commissioner or of another of its financial regulators.
        (9) That the savings bank is in an unsafe or unsound
     condition likely to cause insolvency or a substantial dissipation of assets or earnings that will weaken the condition of the savings bank and will prejudice the interests of its depositors.
        (10) That the directors, officers, trustees, or
     liquidators have neglected, failed, or refused to take any action that the Commissioner may deem necessary for the protection of the savings bank, including production of an annual audited financial statement after an extension was granted, have continued to maintain the savings bank's books and records in an inaccurate and incomplete condition for 2 consecutive quarters after 2 notices from the Commissioner, or have impeded or obstructed an examination.
        (11) That the deposit accounts of the savings bank
     are impaired to the extent that the realizable value of its assets is insufficient to pay in full its creditors and holders of its deposit accounts or meet its obligations in the normal course of business; or that its capital stock is impaired.
        (12) That the savings bank is unable to continue
     operation.
        (13) That the business of the savings bank or
     savings bank in liquidation is being conducted in a fraudulent, illegal, or unsafe or unsound manner.
        (14) That the officers, employees, trustees, or
     liquidators have continued to assume duties or perform acts without giving bond as required by the provisions of this Act.
    (b) If any condition exists that would give the Commissioner authority to take custody of an insured depository institution, the action of the Commissioner may be withheld pending a satisfactory resolution of the condition as suggested by the insurance corporation, provided the savings bank has sufficient liquidity and has adopted and implemented an operating plan considered prudent by the Commissioner.
    (c) No action or inaction of the Commissioner taken under this Article shall cause the Commissioner to be personally liable for that action or inaction unless the Commissioner's action or inaction is found to be in violation of a criminal statute.
    (d) The Commissioner shall promulgate rules and regulations to govern the determination of a need for a conservator or receiver, the selection and appointment of a conservator or receiver, and the conduct of a conservatorship or receivership, including allocation of the payment of costs.
    (e) The proceedings pursuant to this Article shall be the exclusive remedy and, except for the Federal Deposit Insurance Corporation acting pursuant to the Federal Deposit Insurance Act, shall be the only proceedings commenced in any court for the taking of custody, the dissolution, the winding up of the affairs, or the appointment of a receiver for a savings bank.
(Source: P.A. 92‑483, eff. 8‑23‑01.)

    (205 ILCS 205/10002) (from Ch. 17, par. 7310‑2)
    Sec. 10002. Purposes of taking custody. The purposes of taking custody of a savings bank may be examination; production of an audited financial statement; further examination; reconstruction of books and records; conservation of assets; restoration of impaired capital; the making of any necessary or equitable adjustment, including changes in officers and management, as deemed necessary by the Commissioner under any plan of reorganization, liquidation, restructuring, dissolution, winding up of affairs, or appointment of receiver; restructuring of the savings bank through a merger or formation of a bridge bank; establishment of a conservatorship to operate and manage a savings bank as an ongoing concern until the grounds for custody and conservatorship are remedied; or the maturing of the obligation of the insurance corporation.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10003) (from Ch. 17, par. 7310‑3)
    Sec. 10003. Commissioner's powers during custody. During the period in which the Commissioner has custody of any savings bank, the Commissioner and any of his duly authorized agents shall have all powers necessary to accomplish the purposes of custody of any savings bank and, in addition, the powers, privileges, and authority previously vested in the officers, directors, liquidators, or trustees and the power to call meetings of the members, former officers and directors, liquidators, or trustees to consider and act upon matters deemed by the Commissioner to be of sufficient importance to consider the views of those persons.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10004) (from Ch. 17, par. 7310‑4)
    Sec. 10004. Custody of insured savings banks. If a savings bank of which the Commissioner takes custody under authority of this Article is an insured savings bank, the Commissioner, in addition to powers conferred in Sections 10002 and 10003, is authorized to:
        (1) Notify the deposit insurance corporation of the
     custody and his reasons therefor, including a copy of the Commissioner's report of examination and condition of the savings bank, and to appoint the deposit insurance corporation or its designee as receiver or conservator for the savings bank.
        (2) Permit the deposit insurance corporation to
     submit any plan or proposal for the reorganization, merger, liquidation, dissolution, or winding up of affairs of the savings bank that it may deem feasible.
        (3) Determine and declare the savings bank to be in
     default, find from his examination and from reports of the savings bank the amount of insured deposits, and make any necessary orders, findings, and determinations that may be required for the purpose of making the insurance available to the depositors.
(Source: P.A. 90‑301, eff. 8‑1‑97.)

    (205 ILCS 205/10005) (from Ch. 17, par. 7310‑5)
    Sec. 10005. Notice of custody; action to enjoin. Immediately upon taking custody of a savings bank, the Commissioner shall mail a written notice thereof to the president or secretary and not fewer than 2 directors of the savings bank or to 2 or more of the trustees of any trust or to 2 or more of the liquidators if the savings bank is in liquidation. If the contention is made that the Commissioner has no legal grounds for taking custody of the savings bank, the directors or officers of the savings bank or the trustees or liquidators thereof, as the case may be, at any time within 10 days after the mailing of the notice, or within further periods of time as the Commissioner may extend, but not to exceed an additional 60 days, may file a complaint in the circuit court of the county in which the savings bank is located to enjoin further custody. The court thereupon shall cite the Commissioner to show cause why further custody should not be enjoined. If, upon hearing, the court finds that grounds did not or do not then exist, it may enter an appropriate order in accordance with the findings of fact or an order enjoining the Commissioner or any appointees acting under his direction from further custody.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10006) (from Ch. 17, par. 7310‑6)
    Sec. 10006. Segregation of collections during custody. All payments received on deposit accounts on depositors' unpledged accounts during custody of the savings bank by the Commissioner shall be segregated in a separate account until the savings bank shall be redelivered to the directors, trustees, or liquidators or delivered to a conservator or receiver. Any member whose payments have been so segregated may request the return of those payments, and the Commissioner shall repay the same without interest or dividends. Before delivery of the savings bank or its assets to any trustee, liquidator, receiver, or conservator, the Commissioner shall return the money so collected from members and so segregated.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10007) (from Ch. 17, par. 7310‑7)
    Sec. 10007. Redelivery of possession. If, after examination of the savings bank and consideration of all conditions affecting its affairs, the Commissioner finds that the cause or causes for taking custody have been removed, he shall relinquish custody of the savings, bank, remove any conservator appointed, and redeliver the savings bank and all assets, books, and records thereof to its directors, trustees, or liquidators who are qualified to accept them.
(Source: P.A. 86‑1213.)

    (205 ILCS 205/10008) (from Ch. 17, par. 7310‑8)
    Sec. 10008. Limitations upon custody. The custody of a savings bank by the Commissioner, including a conservatorship, may be continued for a reasonable period not to exceed 6 months, unless further extension shall be agreed upon by a vote of two‑thirds of the directors of the savings bank or ordered by a court of competent jurisdiction.
(Source: P.A. 86‑1213.)