Illinois Statutes
§ 4008 — Directors
Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 205/ Savings Bank Act.·Art. Article 4 - Membership
The business and affairs of the savings bank shall be exercised by its elected board of directors. The board of directors shall consist of the number of directors fixed by the bylaws, but shall not be fewer than 5. No more than 40% of the directors shall be salaried employees of the savings bank, except that a higher percentage may be allowed with the prior written approval of the Commissioner.
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Legislative History
(Source: P.A. 98-1081, eff. 1-1-15 .)
Nearby Sections
15
§ 4001
Members§ 4003
Notice of meetings§ 4005
Voting§ 4007
Proxies§ 4008
Directors§ 4011
Right to dissent§ 4012
Procedure to dissent§ 4013
§ 4013§ 4014
Waiver of notice