Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart F - SERVICE CORPORATION AND OPERATING SUBSIDIARIES
Section 1075.640 - Ownership of Capital Stock of Service Corporation
Current through Register Vol. 47, No. 38, September 22, 2023
a) A minimum of 51% of all classes of capital stock of a first-tier service corporation shall be owned by one or more savings banks, bank, or savings and loan associations. First-tier service corporation means any corporation which is 51% or more owned by one or more savings banks, bank, or savings and loan associations whose purpose or purposes are reasonably incident to the accomplishment of the powers conferred upon savings banks by the Act.
b) Subject to approval by the Director, an amount not to exceed 49% of all classes of capital stock of a service corporation may be owned by a person or persons other than a savings bank. The ownership shall be approved if the Director finds:
c) The book value of the stock shall be determined in accordance with generally accepted accounting principles by the independent auditor of the service corporation.
Amended at 30 Ill. Reg. 19068, effective December 1, 2006