Illinois Administrative Code

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Section 1075.1240 Net Worth Maintenance Agreement (Repealed) (Source: Repealed at 22 Ill.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 …

Section 1075.1270 Acquisition and Disposal of Subsidiaries a) As permitted by the Act, this Part, and applicable federal law, a mutual holding company, with approval of its board of directors, the Director, and its members, may: 1) acquire control of, or make non-controlling inve…

Section 1075.1275 Dividend Limitations and Waivers a) No subsidiary savings bank may declare or pay a cash dividend on or repurchase any of its capital stock unless the declaration or payment of the dividend or repurchase would be in accordance with the requirements of Section 50…

Section 1075.1280 Officers and Organization Directors List The secretary of each holding company shall submit to the Director a list of all officers and organization directors of the holding company. This list shall be submitted within 10 days after the election of the holding co…

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…