Section 205 ILCS 10/3.02 - Unlawful acts; exceptions(a) Except as otherwise provided in this Act, it shall be unlawful: (1) for any action to be taken that causes any company to become a bank holding company as defined in this Act with respect to any Illinois bank;(2) for any action to be taken that causes an Illinois bank to become a subsidiary of a bank holding company;(3) for any bank holding company to acquire direct or indirect ownership or control of any voting shares of an Illinois bank that possesses a charter issued by the Commissioner, unless the holding company complies with the change in control requirements set forth in Section 18 of the Illinois Banking Act;(4) for any bank holding company or subsidiary thereof other than a bank, to acquire all or substantially all of the assets of an Illinois bank;(5) for any bank holding company owning or controlling, as defined in this Act, an Illinois bank to merge or consolidate with any other bank holding company;(6) for any bank holding company with a ratio of total capital to total assets of less than 7%, as measured and applied in accordance with regulations of the Board of Governors of the Federal Reserve System in effect on the date of the filing of the application with the Board of Governors of the Federal Reserve System, to acquire direct or indirect ownership or control by purchase of stock, merger, consolidation, acquisition of assets or otherwise, of any Illinois bank or banks if the application for such acquisition is filed on or after July 1, 1986; provided that the total capital to total assets ratio requirements of this paragraph (6) and of the succeeding paragraph (7) shall be applicable only to a bank holding company which is directly acquiring such direct or indirect control of any Illinois bank or banks and shall not be applicable to any bank holding company of which the acquiring company is a subsidiary; or(7) for any bank holding company with a ratio of total capital to total assets equal to or in excess of 7% to acquire direct or indirect control by purchase of stock, merger, consolidation, acquisition of assets or otherwise, of any Illinois bank or banks where such acquisition would result in a reduction in such bank holding company's ratio of total capital to total assets to less than 7%, where such ratios are measured and applied in accordance with regulations of the Board of Governors of the Federal Reserve System in effect on the date of the filing of the application with the Board of Governors of the Federal Reserve System if the application for such acquisition is filed on or after July 1, 1986.(b) Notwithstanding subsection (a) of this Section, a transaction, occurrence or event which is described in paragraphs (1), (2), (4), and (5) of subsection (a) of this Section, and which does not result in a violation of Section 3.07 of this Act, shall not be unlawful if: (1) approval of the transaction, occurrence or event by the Board of Governors of the Federal Reserve System is not required by the terms of the federal Bank Holding Company Act; or(2) the transaction, occurrence or event: (A) has been approved by the Board of Governors of the Federal Reserve System by an order, ruling or regulation of that Board made under the federal Bank Holding Company Act, including an assessment of the applicant's record in meeting the convenience and needs of the communities it serves in accordance with the federal Community Reinvestment Act of 1977, and that order, ruling or regulation remains in effect; and(B) is carried out and occurs in compliance with all conditions or restrictions, if any, contained in an order, ruling or regulation of the Board of Governors of the Federal Reserve System referred to in the foregoing subparagraph (A).P.A. 88-546; 89-567, eff. 7/26/1996.