Part 1075: SAVINGS BANK ACT

Section 1075.1285 Access to Books and Records The Director shall have access to subsidiaries' and holding companies' books and records. (Source: Amended at 30 Ill. Reg. 19068, effective December 1, 2006)

Section 1075.1290 Annual Audit Requirements Every holding company shall cause its books and records to be audited at least once annually by an independent licensed public accountant. The Director shall receive a copy of the licensed public accountant's annual audit report, along …

Section 1075.1295 Maintenance of Records Every holding company shall maintain such corporate books and records as may be necessary to facilitate a full, complete examination of the activities of the entity. While the books and records will be primarily of an accounting nature, ce…

Section 1075.130 Regulatory Fees a) Each savings bank shall pay fees as set forth in Section 9002.5(a) of the Act. b) When service corporations and/or finance subsidiaries are owned by the savings bank, the owned assets may be consolidated with the assets of the savings bank for …

Section 1075.1300 Notice of Appointment of Independent Accountants a) Notice shall be made to the Director of the appointment of the licensed public accountant not less than 60 days before the fiscal year-end of the holding companies. Any change in the licensed public accountants…

Section 1075.1305 Holding Company Filing Fees (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1310 Holding Company Supervisory Fees (Repealed) (Source: Repealed at 42 Ill. Reg. 16507, effective August 23, 2018)

Section 1075.1315 Examination Fees (Repealed) (Source: Repealed at 42 Ill. Reg. 16507, effective August 23, 2018)

Section 1075.1320 Conditions (Repealed) (Source: Repealed at 42 Ill. Reg. 16507, effective August 23, 2018)

Section 1075.1325 Manner of Payment (Repealed) (Source: Repealed at 42 Ill. Reg. 16507, effective August 23, 2018)

Section 1075.1330 Conversion of Mutual Holding Companies With approval of the Director, upon a finding by the Director that the conversion complies with applicable law, has received necessary approvals under federal law, and is not inequitable to members or injurious to a savings…

Section 1075.140 Adjusted Supervisory Fees (Repealed) (Source: Repealed at 41 Ill. Reg. 11336, effective August 28, 2017)

Section 1075.1400 Scope of Rules No existing depository institution shall convert to an Illinois savings bank without the written approval of the Director pursuant to this Subpart. (Source: Amended at 30 Ill. Reg. 19068, effective December 1, 2006)

Section 1075.1405 Definitions Words or terms that are defined in The Act shall retain the same meaning when used in these regulations. "APPLICANT" means an existing depository institution that has applied to convert to an Illinois savings bank pursuant to these provisions. "CONVE…

Section 1075.141 Special Credit (Repealed) (Source: Repealed at 24 Ill. Reg. 73, effective December 16, 1999)

Section 1075.1410 General Rules for Conversion Plan a) An application for conversion shall be approved only if the Director finds that: 1) the conversion plan adopted by the applicant's board of directors or trustees (board), and all documentation submitted in support of the appl…

Section 1075.1415 Adopting and Filing of a Conversion Plan a) The board of directors of an existing depository institution desiring to convert in accordance with this Part shall adopt a conversion plan at a meeting of the board of directors. b) Upon the adoption of the conversion…

Section 1075.1420 Conversion Plan Requirements (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1425 Vote by Shareholders and Members (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1430 Issuance of Certificate of Approval The Director, upon approving a conversion plan, shall issue a certificate of approval of the conversion plan which shall authorize the applicant to proceed with its conversion plan. The Director may add such conditions to the …

Section 1075.1435 Final Approval of the Conversion a) Upon a determination by the Director that all applicable requirements of law have been met, including the surrender of the original charter, the Director shall issue to the applicant a Certificate of Authority to Operate. The …

Section 1075.1440 Powers of Resulting Savings Bank The resulting savings bank shall have all the rights, privileges, and powers granted by its amended charter and by the statutes applicable to savings banks holding such charters, and the entire assets, business, and goodwill of t…

Section 1075.1445 Obligations of Resulting Savings Bank The resulting savings bank shall be subject to the duties, relations, obligations, trusts, and liabilities of the converting depository institution, whether as debtor, depository, registrar, transfer agent, executor, adminis…

Section 1075.1450 Organization Directors of Resulting Savings Bank The persons named as organization directors in the Plan of Conversion shall be the organization directors of the resulting savings bank until the first election of organization directors thereafter, or until the e…

Section 1075.150 Withdrawal of Applications or Other Filings a) Unless otherwise specified in the Savings Bank Act [205 ILCS 205] or this Part, an application or other filing submitted under the Savings Bank Act or this Part shall be deemed withdrawn if the person making the fili…

Section 1075.1500 Sale of Offices or Facilities a) Except the sale of a branch office under Section 1075.740 of this Part, a savings bank contemplating sale of any office or facility must provide 90 days notice to the Director of its intent to do so. A copy of a signed letter of …

Section 1075.1510 Purchase of Offices (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1520 Bridge Charters a) A savings bank may apply to the Director for authority to form a "bridge charter" to facilitate a corporate restructuring or voluntary change, only on condition that an additional savings bank is not created. Organization of a bridge charter s…

Section 1075.1530 Unsafe and Unsound Practices If the Director receives notice of failure to renew or of cancellation of the bond required by Section 4009(a) of the Act, or if such bond is determined, from examination or from reports made by the savings bank, to be inadequate whe…

Section 1075.1540 Failure to Comply with Report of Examination If the Director determines that a savings bank has failed to comply with recommendations made in or as the result of a report of examination within 45 days after the date the report is transmitted, then he or she may …

Section 1075.1550 Publication a) Publication shall be made once in a general or legal newspaper of the largest general circulation in: 1) the county of the savings bank's headquarters; and 2) in Sangamon County; or 3) in Cook County. b) The notice shall: 1) cite Section 9005 of T…

Section 1075.1600 Scope The Director, in accordance with the Act and this Part, may remove or suspend any officer, organization director, employee or agent of a savings bank operating under the Act or prohibit an individual from further participation in any manner in the affairs …

Section 1075.1610 Notice of Intention and Answer a) Subject to Section 1075.1630 of this Part, proceedings to remove or suspend an officer, organization director, employee or agent of a savings bank operating under the Act or to prohibit an individual from further participation i…

Section 1075.1620 Removal and Prohibition by Order In the event of consent, or, if upon the record submitted by the presiding hearing officer pursuant to 38 Ill. Adm. Code 100, and subject to Section 1075.1630 of this Part, the Director finds that any of the charges have been est…

Section 1075.1630 Suspension by Notice a) Upon determination that suspension is necessary for the protection of a savings bank operating under the Act or for depositors and in accordance with the Act and this Part, the Director may by notice suspend an officer, organization direc…

Section 1075.1640 Industrywide Prohibition a) Any person subject to an Order of removal or suspension or prohibited from participation in any manner in the affairs of a savings bank operating under the Act upon an Order of the Director, without hearing on the matter, shall be pro…

Section 1075.1650 Unauthorized Participation of Convicted Individual a) Upon a finding by the Director, without hearing on the matter, that a current or proposed officer, organization director, agent or employee of a savings bank operating under the Act has been convicted of any …

Section 1075.1700 Acquisition of Control of Savings Bank a) As used in this Section, the following definitions apply: 1) "Affiliate" means any company that controls, is controlled by, or is under common control with a person. 2) "Company" means a corporation, a partnership, an as…

Section 1075.1710 Anti-Takeover Provisions a) With approval of the Director, a savings bank may amend its articles of incorporation with regard to the acquisition by any person or persons of its equity securities. The savings bank shall file with its application for approval an o…

Section 1075.1800 Subpart Exclusive – Prohibition on Conversion Without Approval – Waiver of Requirements This Subpart shall exclusively govern the conversion of mutual savings banks to capital stock savings banks. No mutual savings bank may convert to the capital stock form of o…

Section 1075.1805 Forms The Director may prescribe under this Subpart forms for use by a mutual savings bank seeking to convert to a capital stock savings bank pursuant to this Subpart. (Source: Amended at 30 Ill. Reg. 19068, effective December 1, 2006)

Section 1075.1810 Request of Noncompliance Requirements (Repealed) (Source: Repealed at 22 Ill. Reg. 6719, effective March 30, 1998)

Section 1075.1815 Definitions Terms defined in other Subparts of this Part, when used in this Subpart, shall have the meanings given in those definitions, to the extent those definitions are not inconsistent with the definitions contained in this Subpart unless the context otherw…

Section 1075.1820 Prohibition on Approval of Certain Applications for Conversion No application for conversion may be approved by the Director if: a) The plan of conversion adopted by the applicant's board of directors is not in accordance with this Subpart; b) The conversion rea…

Section 1075.1825 Requirements of Plan of Conversion The plan of conversion shall contain all the provisions set forth in Sections 1075.1830 through 1075.1905. (Source: Added at 17 Ill. Reg. 8894, effective June 7, 1993)

Section 1075.1830 Issuance of Capital Stock – Price A converted savings bank shall issue and sell capital stock at a total price at least equal to the estimated pro forma market value of the stock issued in connection with the conversion, based on an independent valuation, as pro…

Section 1075.1835 Stock Purchase Subscription Rights – Eligible Account Holders a) Each eligible account holder shall receive, without payment, nontransferable subscription rights to purchase capital stock in an amount ranging from .1% to 5% of the total offering, with each recei…