§ 1007.35

Illinois § 1007.35

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 205/: Savings Bank Act.
• Art.: Article 1 - General Provisions

Text

"Control", unless specified otherwise in this Act, shall mean: (1) the ability of any person, entity, persons, or entities acting alone or in concert with one or more persons or entities, to own, hold, or direct with power to vote, or to hold proxies representing, 10% or more of the voting shares or rights of capital stock of a savings bank, savings bank subsidiary, savings bank affiliate, or savings bank holding company or 10% or more of the members shares of a mutual savings bank or mutual savings bank holding company; (2) the ability to achieve in any manner the election or appointment of a majority of the directors of a savings bank; or (3) the power to direct or exercise significant influence over the management or policies of the savings bank or savings bank affiliate. "Control" does not include the voting of proxies obtained from depositors if the proxies are voted as directed by a majority of the board of directors of the savings bank or of a committee of directors when the committee's composition and powers may be revoked by a majority vote of the board of directors.

Legislative History

(Source: P.A. 96-585, eff. 8-18-09.)