Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart J - SAVINGS BANK HOLDING COMPANIES
Section 1075.1230 - Stock of a Subsidiary of a Mutual Holding Company
Universal Citation: 38 IL Admin Code ยง 1075.1230
Current through Register Vol. 48, No. 12, March 22, 2024
a) A resulting savings bank shall issue shares to the holding company only after sufficient assets to match transferred deposit liabilities are transferred to the resulting savings bank and, if applicable, an acquiree savings bank and after written confirmation of continuation of insurance of accounts is received from the deposit insurance corporation.
b) Stock issuance shall initially be only common stock, but other classes of stock may be issued upon application to and approval by the Director.
c) Each share of common stock shall entitle its owner to one vote.
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