Illinois § 45 Reduction in shares

Illinois Statutes

§ 45 — Reduction in shares

Illinois § 45

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 305/Illinois Credit Union Act.

This text of Illinois § 45 (Reduction in shares) 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. 45 (2026).

Text

Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the holders of share accounts, the credit union, may, by a majority vote of the entire membership, with approval by the Department, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the holders of shares in accordance with such terms and conditions as the Department may prescribe.

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Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the holders of share accounts, the credit union, may, by a majority vote of the entire membership, with approval by the Department, order a reduction in the shares of each of its shareholders to divide the loss proportionately among the holders of shares in accordance with such terms and conditions as the Department may prescribe.

Legislative History

(Source: P.A. 97-133, eff. 1-1-12.)

Nearby Sections

2

§ 45

Reduction in shares

§ 45.1

Accounts for minors

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Bluebook (online)

Illinois § 45, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/205/45.