Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES
Section 1075.630 - Investments by Service Corporations
Current through Register Vol. 47, No. 38, September 22, 2023
a) A service corporation may invest its assets in any manner not expressly prohibited by law, provided the investments are made in the exercise of reasonable judgment and care under the circumstances then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital.
b) If a service corporation has not been approved, or if approval is withdrawn, all loans to or investments in the service corporation shall constitute an unauthorized investment. However, the savings bank shall be granted a reasonable time within which to dispose of the loans or investments.
c) A basis for withdrawal of approval of a service corporation exists if:
Amended at 30 Ill. Reg. 19068, effective December 1, 2006