Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart J - SAVINGS BANK HOLDING COMPANIES
Section 1075.1115 - Prohibition Against Approval of Certain Applications for Reorganization
Current through Register Vol. 48, No. 12, March 22, 2024
No application for reorganization may be approved by the Director if:
a) The plan of reorganization adopted by the applicant's board of directors is not in accordance with this Subpart;
b) The reorganization reasonably could be expected to result in a resulting or acquiree savings bank or pre-existing depository institution with capital below requirements established by the Director and by Federal law;
c) The reorganization results in a taxable reorganization under the United States Internal Revenue Code of 1986 ( 26 USC 1 et seq.) and the Director upon a written finding determines that the reorganization will endanger the safety and soundness of a resulting or acquiree or pre-existing savings bank; or
d) A resulting savings bank does not secure insurance of its deposit accounts backed by the full faith and credit of the United States government before reorganization.
