Part 1075: SAVINGS BANK ACT

Section 1075.1010 Official Notice (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1015 Hostile Witnesses (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1020 Transcription of Proceedings (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1025 Briefs (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1030 Hearing Officer's Findings, Opinions and Recommendations (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1035 Order of the Director (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1040 Rehearings (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1045 Existing Statutory or Division Procedures and Practices (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1050 Costs of Hearing (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022)

Section 1075.1055 Emergency Adjudication (Repealed) (Source: Repealed at 46 Ill. Reg. 18013, effective October 27, 2022) SUBPART J: SAVINGS BANK HOLDING COMPANIES

Section 1075.110 Conditions a) No submission subject to a fee shall be considered complete without the stipulated fee. b) The fee shall be non-refundable regardless of the subsequent action with respect to the submission. c) The Director may waive the payment of the applicable fe…

Section 1075.1100 Applicability a) Subpart J of this Part shall apply to stock holding companies or savings banks that directly or indirectly own or control or seek to own or control 25% or more of the voting shares or rights of any insured institution in any manner and to mutual…

Section 1075.1105 Definitions "Acquiree savings bank" means any subsidiary savings bank, other than a resulting savings bank, that is acquired by a mutual holding company as part of, and concurrently with, a mutual holding company reorganization and is in mutual form immediately …

Section 1075.1110 Mutual Holding Company Reorganizations A mutual savings bank may reorganize to become a mutual holding company, or join in a mutual holding company reorganization or thereafter as an acquiree savings bank or a pre-existing depository institution, only upon satis…

Section 1075.1111 Subsidiary Holding Company As part of a mutual holding company reorganization or thereafter, a mutual holding company may establish a subsidiary stock holding company which shall wholly own and control the resulting savings bank and any acquiree savings banks. A…

Section 1075.1115 Prohibition Against Approval of Certain Applications for Reorganization 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) T…

Section 1075.1120 Contents of Reorganization Plans Each Reorganization Plan shall contain a complete description of all the significant terms of the proposed reorganization, shall attach and incorporate any Stock Issuance Plan proposed in connection with the Reorganization Plan, …

Section 1075.1125 Capital Stock (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1130 Charter (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1135 Control (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1140 Eligible Account Holder (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1145 Eligibility Record Date (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1150 Employee (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1155 Equity Security (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1160 Insured Institution (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1165 Member (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1170 Net Worth (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1175 Officer (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1180 Person (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1185 Qualifying Deposit (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1190 Sale (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1195 Security (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.120 Examination Fees (Repealed) (Source: Repealed at 42 Ill. Reg. 16507, effective August 23, 2018)

Section 1075.1200 Source Documents (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1205 Subsidiary (Repealed) (Source: Repealed at 18 Ill. Reg. 15094, effective September 26, 1994)

Section 1075.1210 Liquidation Account and Proxies a) Each mutual savings bank converting to form a holding company must establish a "liquidation account" for members of the mutual savings bank before conversion. The liquidation account may be maintained at a holding company level…

Section 1075.1215 Mutual Holding Company Ceasing to be a Depository Institution a) Each mutual savings bank that converts to holding company status in conjunction with the chartering of a stock subsidiary shall be issued a "restated or amended charter" as a mutual holding company…

Section 1075.1220 Directors of a Mutual Holding Company a) Each new board of directors for the mutual holding company shall be selected by vote of members, in a process to be determined by the bylaws of each entity. b) Each board of directors shall have at least five members. c) …

Section 1075.1225 Stock Issuance Plan If the reorganizing savings bank offers stock to any party other than the mutual holding company, it shall submit a stock issuance plan that meets the following conditions: a) At all times, a mutual holding company shall own and control more …

Section 1075.1230 Stock of a Subsidiary of a Mutual Holding Company 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 acq…

Section 1075.1235 Stock Subsidiary Formation In conjunction with the formation of a resulting savings bank of a mutual holding company, the requirements of Article 3, Incorporation and Organization, of the Act shall apply with the following additions. a) In the case of a change o…

Section 1075.1240 Net Worth Maintenance Agreement (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1245 Members' Rights Rights of members of the resulting savings bank, acquiree savings bank, any savings banks in the mutual form when acquired shall be transferred to the mutual holding company, except that a savings bank may eliminate borrowers' rights in the proce…

Section 1075.1250 Investment A mutual holding company may invest in the stock of or other forms of equity ownership of any company or entity which the board of directors determines to be in the best interests of stock owners and depositors, and such investment shall be documented…

Section 1075.1255 Notice Requirement/Corrective Action A holding company shall give immediate written notice to the Director of any corrective action ordered or requested by a governmental agency, relative to the financial affairs of the holding company, except those actions orde…

Section 1075.1260 Insider Abuses Matters or issues resulting from apparent wrongdoing, including insider abuses, shall be brought to the Director's attention within 10 business days after discovery, by the appropriate management personnel of the holding company. Copies of any req…

Section 1075.1265 Determination of the Qualification and Condition of an Out-of-State Acquisition When requested, the Director shall review the laws of any state to determine whether the laws of that state expressly authorize an Illinois savings bank holding company to acquire a …