Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 357 - REDUCTION IN THE NUMBER OF REQUIRED DIRECTORS
Section 357.20 - Annual Review
Universal Citation: 38 IL Admin Code ยง 357.20
Current through Register Vol. 48, No. 12, March 22, 2024
a) When annually reviewing a grant of authority to reduce the number of required directors, the Commissioner shall consider the following factors:
1) the performance of the Bank since the
reduction in the number of required directors as determined by the
Commissioner's annual report of examination pursuant to Section 48(2) of the
Illinois Banking Act, [205 ILCS
5/48(2) ]; and
2) the feasibility of the Bank obtaining
additional directors to serve on the Board.
b) If the Commissioner shall revoke his approval, such action shall constitute an administrative decision subject to review under 38 Ill. Adm. Code 392 (Hearings Before the Commissioner of Banks and Real Estate).
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