Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart O - CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK
Section 1075.1975 - Dividends on Preferred Stock
Universal Citation: 38 IL Admin Code ยง 1075.1975
Current through Register Vol. 48, No. 12, March 22, 2024
A converted mutual savings bank may pay dividends on preferred stock at the rate or rates agreed in connection with the issuance of preferred stock, if such issuance has been approved by the Director. However, the Director shall approve no issuance or payment that would reduce the capital of the converted savings bank below the greatest of:
a) the amount required for the liquidation account,
b) the amount required by the Director, or
c) the amount required by federal law.
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