Illinois § 10015 Secretary's proceedings exclusive

Illinois Statutes

§ 10015 — Secretary's proceedings exclusive

Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 205/ Savings Bank Act.·Art. Article 10 - Involuntary Liquidation

Except by the authority of the Secretary, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall be filed or proceedings commenced in any court for the dissolution of, the winding up of the affairs of, or the appointment of a receiver for any savings bank on the grounds that:

(1)it is insolvent;

(2)its capital is impaired or it is otherwise in an unsound condition;

(3)its business is being conducted in an unlawful, fraudulent or unsafe manner;

(4)it is unable to continue operations; or (5) its examination has been obstructed or impaired.

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Except by the authority of the Secretary, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall be filed or proceedings commenced in any court for the dissolution of, the winding up of the affairs of, or the appointment of a receiver for any savings bank on the grounds that: (1) it is insolvent; (2) its capital is impaired or it is otherwise in an unsound condition; (3) its business is being conducted in an unlawful, fraudulent or unsafe manner; (4) it is unable to continue operations; or (5) its examination has been obstructed or impaired.

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