Illinois § 3005 Permit to organize

Illinois Statutes

§ 3005 — Permit to organize

Illinois § 3005

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 205/Savings Bank Act.

Art.Article 3 - Incorporation And Organization

This text of Illinois § 3005 (Permit to organize) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

205 Ill. Comp. Stat. 3005 (2026).

Text

(a)The Commissioner may require additional information and conduct whatever investigation necessary to determine whether to issue a permit to organize, including the subpoenaing of books and records, taking of public testimony, and conducting hearings. The applicants shall share jointly and severally the expense of the investigations.

(b)The Commissioner must find and declare, based on the record of application and his investigation that:

(1)The proposed management, business plan, and capitalization promise to meet regulatory requirements.

(2)The application information is not in dispute.

(3)The proposed name is not deceptively similar to that of other financial institutions within an area defined by regulation of the Commissioner.

(4)The proposed business plan and capitalization pro

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(a) The Commissioner may require additional information and conduct whatever investigation necessary to determine whether to issue a permit to organize, including the subpoenaing of books and records, taking of public testimony, and conducting hearings. The applicants shall share jointly and severally the expense of the investigations. (b) The Commissioner must find and declare, based on the record of application and his investigation that: (1) The proposed management, business plan, and capitalization promise to meet regulatory requirements. (2) The application information is not in dispute. (3) The proposed name is not deceptively similar to that of other financial institutions within an area defined by regulation of the Commissioner. (4) The proposed business plan and capitalization promise to serve the needs of the community and its residents. (5) Insurance of accounts shall be effective prior to issuance of a charter. (c) The Commissioner may promulgate rules to implement and administer this Section.