(205 ILCS 205/2001.05) (from Ch. 17, par. 7302‑1.05)
Sec. 2001.05. "Savings bank holding company" means any company that directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing more than 25% of the voting shares or rights of any savings bank or savings bank holding company or controls in any manner whether by holding of proxies or otherwise, the election of a majority of the directors of any savings bank or savings bank holding company. Notwithstanding the foregoing, no company shall be deemed to have control of or over a savings bank or holding company by virtue of the following:
(1) its ownership or control of shares in a |
| fiduciary capacity arising in the ordinary course of its business; | |
(2) its ownership or control of shares acquired by |
| it in connection with its underwriting of securities that are held only for that period of time as will permit the sale thereof upon a reasonable basis; | |
(3) its holding any shares as collateral taken in |
| the ordinary course of securing a debt or other obligation; | |
(4) its ownership or control of shares acquired in |
| the ordinary course of collecting a debt or other obligation previously contracted in good faith, until 5 years after the date acquired; | |
(5) its voting rights with respect to shares of any |
| savings bank or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation. | |
(Source: P.A. 86‑1213.) |
(205 ILCS 205/2007) (from Ch. 17, par. 7302‑7)
Sec. 2007. (a) A savings bank, including a mutual savings bank operating under this Act, may reorganize so as to become a holding company by:
(1) chartering one or more subsidiary savings banks, |
| the ownership of which shall be evidenced by stock shares, to be owned by the chartering parent savings bank; and | |
(2) either of the following:
(i) transferring the substantial portion of its |
| assets and all of its insured deposits and part or all of its other liabilities to one or more subsidiary savings banks; or | |
(ii) reorganizing in any other manner as |
| approved by the Commissioner. | |
(b) In order to effect reorganization under subsection (a), the board of directors of the original savings bank must approve a plan providing for the reorganization that shall be submitted for approval by a majority of the voting members of the savings bank. Approval must occur in accordance with the savings bank's articles of incorporation and bylaws at a meeting called by the board of directors. The Commissioner shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the holding company, including the rights of members, levels of investment in holding company subsidiaries, and stock sales.
(Source: P.A. 88‑425.) |
(205 ILCS 205/2001.05) (from Ch. 17, par. 7302‑1.05)
Sec. 2001.05. "Savings bank holding company" means any company that directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing more than 25% of the voting shares or rights of any savings bank or savings bank holding company or controls in any manner whether by holding of proxies or otherwise, the election of a majority of the directors of any savings bank or savings bank holding company. Notwithstanding the foregoing, no company shall be deemed to have control of or over a savings bank or holding company by virtue of the following:
(1) its ownership or control of shares in a |
| fiduciary capacity arising in the ordinary course of its business; | |
(2) its ownership or control of shares acquired by |
| it in connection with its underwriting of securities that are held only for that period of time as will permit the sale thereof upon a reasonable basis; | |
(3) its holding any shares as collateral taken in |
| the ordinary course of securing a debt or other obligation; | |
(4) its ownership or control of shares acquired in |
| the ordinary course of collecting a debt or other obligation previously contracted in good faith, until 5 years after the date acquired; | |
(5) its voting rights with respect to shares of any |
| savings bank or holding company acquired in the course of a proxy solicitation in the case of a company formed and operated for the sole purpose of participating in a proxy solicitation. | |
(Source: P.A. 86‑1213.) |
(205 ILCS 205/2007) (from Ch. 17, par. 7302‑7)
Sec. 2007. (a) A savings bank, including a mutual savings bank operating under this Act, may reorganize so as to become a holding company by:
(1) chartering one or more subsidiary savings banks, |
| the ownership of which shall be evidenced by stock shares, to be owned by the chartering parent savings bank; and | |
(2) either of the following:
(i) transferring the substantial portion of its |
| assets and all of its insured deposits and part or all of its other liabilities to one or more subsidiary savings banks; or | |
(ii) reorganizing in any other manner as |
| approved by the Commissioner. | |
(b) In order to effect reorganization under subsection (a), the board of directors of the original savings bank must approve a plan providing for the reorganization that shall be submitted for approval by a majority of the voting members of the savings bank. Approval must occur in accordance with the savings bank's articles of incorporation and bylaws at a meeting called by the board of directors. The Commissioner shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the holding company, including the rights of members, levels of investment in holding company subsidiaries, and stock sales.
(Source: P.A. 88‑425.) |