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 1075.2040 - Vote by Members
Universal Citation: 38 IL Admin Code ยง 1075.2040
Current through Register Vol. 48, No. 12, March 22, 2024
a) Following approval of the plan of conversion by the Director, the plan of conversion shall be submitted for consideration to an annual or special meeting of members.
b) Notice of the meeting to consider a plan of conversion shall be given by the proxy statement authorized for use by the Director. For the purposes of this subsection (b), the proxy statement may be in summary form, provided:
1) A statement is made in bold-face type on
the notice to members required under this subsection (b) that a more detailed
description of the proposed transaction may be obtained by returning an
attached postage-paid postcard or other written communication requesting a
supplemental information statement that, together with the summary proxy
statement, complies with the requirements of this Subpart;
2) The last date on which the summary proxy
statement is mailed to members will be considered the date on which notice is
given for the purposes of this subsection (b). Without prior approval by the
Director, the special meeting of members shall not be held fewer than 20 days
after the last date on which the supplemental information statement is mailed
to requesting members;
3) The
supplemental information statement required to be furnished to members may be
combined with any form prescribed under Sections
1075.2500
through
1075.2580,
if the subscription offering is started concurrently with or during the proxy
solicitation period pursuant to Section
1075.1925(a);
4) The summary proxy statement shall be
prepared in accordance with the following requirements:
A) All the requirements of Sections
1075.2300
through
1075.2460,
except:
i) Section
1075.2360;
ii) Section
1075.2370(c)
through (m) and (o);
iii) Section
1075.2440;
and
iv) Section
1075.2450(b).
B) The disclosure requirements of
Sections
1075.2380(j),
1075.2390
and
1075.2430
may be prepared in summary form.
C)
The disclosure requirements of Section
1075.2350
may be met through disclosure of the names, ages, and present occupations of
all organization directors and executive officers.
D) The plan of conversion shall not be
required to be attached to the summary proxy statement under Section
1075.2460.
c) The plan of conversion shall be approved by a vote of at least a majority of the total outstanding votes.
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