Illinois § 8005 Merger; vote of approval

Illinois Statutes

§ 8005 — Merger; vote of approval

Illinois § 8005

JurisdictionIllinois

TopicREGULATION

Ch. 205FINANCIAL REGULATION

Act 205 ILCS 205/Savings Bank Act.

Art.Article 8 - Voluntary Corporate Changes

This text of Illinois § 8005 (Merger; vote of approval) 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. 8005 (2026).

Text

If approved by the Secretary, the plan of merger shall be submitted to the stockholders of the savings bank or depository institution for approval. The Secretary may require that the plan of merger be submitted to members of a mutual savings bank. Each meeting of the members or stockholders of a savings bank operating under this Act shall be called and held in accordance with Section 4002. The plan is approved if it receives the affirmative vote of two-thirds or more of the total votes entitled to be cast.

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If approved by the Secretary, the plan of merger shall be submitted to the stockholders of the savings bank or depository institution for approval. The Secretary may require that the plan of merger be submitted to members of a mutual savings bank. Each meeting of the members or stockholders of a savings bank operating under this Act shall be called and held in accordance with Section 4002. The plan is approved if it receives the affirmative vote of two-thirds or more of the total votes entitled to be cast.