Illinois § 57 Reorganization; emergency

Illinois Statutes

§ 57 — Reorganization; emergency

Illinois § 57

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 5/Illinois Banking Act.

This text of Illinois § 57 (Reorganization; emergency) 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. 57 (2026).

Text

Whenever in the course of reorganization supervening conditions render the plan of reorganization unfair or its execution impractical, the Commissioner may modify the plan (provided the modification is with the written consent of the depositors and other creditors representing at least seventy-five per cent in amount of the total deposits and other liabilities which are impaired or lessened by the modification) or may, provided the Federal Deposit Insurance has not been appointed, appoint a receiver for liquidation as provided in this Act.

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Whenever in the course of reorganization supervening conditions render the plan of reorganization unfair or its execution impractical, the Commissioner may modify the plan (provided the modification is with the written consent of the depositors and other creditors representing at least seventy-five per cent in amount of the total deposits and other liabilities which are impaired or lessened by the modification) or may, provided the Federal Deposit Insurance has not been appointed, appoint a receiver for liquidation as provided in this Act.

Legislative History

(Source: P.A. 89-364, eff. 8-18-95.)

Nearby Sections

2

§ 57

Reorganization; emergency

§ 57.1

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Bluebook (online)

Illinois § 57, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/205/57.