§ 12 — Organization

(a) The directors so elected shall proceed to organize in conformity with this Act and as follows: (1) To qualify themselves as directors. (2) To elect one of their number as president. (3) To make and adopt by-laws not inconsistent with its charter or with law for the administration of the affairs of the bank. (4) To appoint such officers as the by-laws may provide, and fix the salaries of all officers. (5) To furnish to the Commissioner lists of the stockholders and copies of any other records the Commissioner may require. (6) To collect the subscriptions to the capital stock and to the preferred stock, if any, including the surplus and the reserves for operating expenses. (6.5) To notify the Commissioner of any significant deviation or change from the original plan of operation or proposed business activities submitted with the application for a permit to organize. (7) To report the organization to the Commissioner. (b) Subscriptions to the capital stock and to the preferred stock, if any, collected pursuant to item (6) of subsection (a) of this Section must be placed in escrow.

Legislative History

(Source: P.A. 92-483, eff. 8-23-01.)