Ill. Admin. Code tit. 38 § 1075.1230

Current through Register Vol. 48, No. 50, December 13, 2024

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 acquiree savings bank and after written confirmation of continuation of insurance of accounts is received from the deposit insurance corporation.

b) Stock issuance shall initially be only common stock, but other classes of stock may be issued upon application to and approval by the Director.

c) Each share of common stock shall entitle its owner to one vote.

Ill. Admin. Code tit. 38, § 1075.1230

Amended at 30 Ill. Reg. 19068, effective December 1, 2006