Illinois Compiled Statutes
205 ILCS 205/ - Savings Bank Act.
Article 3 - Incorporation And Organization

(205 ILCS 205/Art. 3 heading)

(205 ILCS 205/3001) (from Ch. 17, par. 7303-1)
Sec. 3001. Application for permit to organize.
(a) Not fewer than 5 nor more than 20 persons may
organize a savings bank under this Act.
(b) The Secretary shall determine the minimum
required capital which shall be at least the minimum required
to obtain insurance of accounts as required by this Act and
shall include additional amounts as the Secretary may find
necessary.

(Source: P.A. 97-492, eff. 1-1-12.)

(205 ILCS 205/3002) (from Ch. 17, par. 7303-2)
Sec. 3002. Contents of application for permit to organize. The application for a permit to organize shall be on
forms required by the Secretary, shall include all
information as he deems necessary but must include at
least the following:
(Source: P.A. 97-492, eff. 1-1-12.)

(205 ILCS 205/3003) (from Ch. 17, par. 7303-3)
Sec. 3003.
Contents of articles of incorporation.
(a) The articles of incorporation shall set forth:
(b) A savings bank may include in its original articles of incorporation
or amended articles a requirement that proposed amendments to the articles of
incorporation shall be adopted by the affirmative vote of two-thirds of the
total number of votes entitled to be cast.
(c) The articles of incorporation need not set forth any of
the powers that this Act confers.

(Source: P.A. 89-74, eff. 6-30-95.)

(205 ILCS 205/3004) (from Ch. 17, par. 7303-4)
Sec. 3004.
Contents of bylaws.
(a) The bylaws of the savings bank shall provide for the
following matters consistent with any applicable provisions of this
Act:
(b) The bylaws may provide also for any or all of the
following matters, among others, consistent with any applicable
provisions of this Act:
(c) The Commissioner may publish one or more standard forms
of bylaws conforming to the provisions of this Act which may be
adopted by savings banks.

(Source: P.A. 89-320, eff. 1-1-96; 90-301, eff. 8-1-97.)

(205 ILCS 205/3005) (from Ch. 17, par. 7303-5)
Sec. 3005.
Permit to organize.
(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:
(c) The Commissioner may promulgate rules to implement and administer
this Section.

(Source: P.A. 86-1213.)

(205 ILCS 205/3006) (from Ch. 17, par. 7303-6)
Sec. 3006.
Temporary organization and capital subscriptions.
(a) Each applicant shall become a member of the
organization committee and shall elect officers and directors
of the savings bank in organization.
(b) The officers and directors shall secure
subscriptions for capital in the form of pledges to purchase
stock.
(c) The officers and directors shall prepare articles
of incorporation, bylaws, and other items as required by
regulation of the Commissioner.
(d) The directors shall apply for insurance of accounts
and advise the Commissioner of each filing, conference, and all
correspondence accompanying and required by a filing.
(e) The officers and directors shall take any other
actions necessary to complete organization.
(f) The officers and directors shall furnish the
Commissioner with the names and addresses of all investors who
have subscribed to purchase stock.

(Source: P.A. 86-1213.)

(205 ILCS 205/3007) (from Ch. 17, par. 7303-7)
Sec. 3007.
Completion of organization.
When all of the requirements of this Act are completed, the
Commissioner may require additional assurances, information,
capital, or agreements from the officers or directors of the
organization. When requirements of this Act, federal
law, the Commissioner's requests, and the Commissioner's
regulations are completed, the Commissioner shall issue a
certificate of complete organization. The certificate of complete
organization shall be replaced by the issuance of a charter once the
savings bank obtains federally sponsored insurance of its accounts.

(Source: P.A. 86-1213.)