(205 ILCS 115/0.01) (from Ch. 17, par. 3600)
Sec. 0.01.
Short title.
This Act may be cited as the
Savings and Loan Share and Account Act.
(Source: P.A. 86-1324.)
(205 ILCS 115/1) (from Ch. 17, par. 3601)
Sec. 1.
Any savings and loan or Federal savings and loan association may issue
shares, share accounts or accounts to individuals, irrespective of age or
marital status, each in their own right. Any payment or delivery of rights
to any individual, or a receipt or acquittance signed by an individual, who
holds shares, share accounts or accounts, shall be a valid and sufficient
release and discharge of any such association for any payment on such
shares, share accounts or accounts, or delivery of rights, to such
individual.
(Source: P.A. 78-841.)
(205 ILCS 115/2) (from Ch. 17, par. 3602)
Sec. 2.
Any savings and loan or Federal savings and loan association may
issue shares, share accounts or accounts in the joint names of two or more
persons or their survivor, in which event any of such persons shall have
power to act in all matters related to such shares, share accounts or
accounts whether the other person or persons named in such shares, share
accounts or accounts be living or not. Such a joint account shall create a
single membership in any such association. The repurchase or redemption or
withdrawal value of shares, share accounts or accounts issued in joint
names, and dividends thereon, or other rights relating thereto, may be paid
or delivered, in whole or in part, to any of such persons, whether the
other person or persons be living or not. The payment or delivery to any
such person, or a receipt or acquittance signed by any such person, to whom
any such payment or any such delivery of rights is made, shall be a valid
and sufficient release and discharge of any such association for the
payment or delivery so made.
(Source: Laws 1939, p. 478.)
(205 ILCS 115/3) (from Ch. 17, par. 3603)
Sec. 3.
Any savings and loan or Federal savings and loan association
may issue shares, share accounts or accounts in the name of any
administrator, executor, guardian, trustee or other fiduciary, in trust
for a named beneficiary or beneficiaries. Any such fiduciary shall have
power to vote as a member as though the shares, share accounts or
accounts were held absolutely, to make payments upon and to surrender
any such shares, share accounts or accounts, in whole or in part. The
repurchase, redemption, or withdrawal value of any such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may be paid or delivered, in whole or in part, to such
fiduciary, without regard to any notice to the contrary. The payment or
delivery to any such fiduciary, or a receipt or acquittance signed by
any such fiduciary, to whom any such payment, or any such delivery of
rights, is made, shall be a valid and sufficient release and discharge
of any such association for the payment or delivery so made. Whenever a
person holding shares, share accounts or accounts in a fiduciary
capacity dies and no written notice of the revocation or termination of
the trust relationship shall have been given to any such association,
the repurchase or redemption or withdrawal value of such shares, share
accounts or accounts, and dividends thereon, or other rights relating
thereto, may, at the option of the association, be paid or delivered, in
whole or in part, to the beneficiary or beneficiaries of such trust. The
payment or delivery to any such beneficiary or beneficiaries, or a
receipt or acquittance signed by any such beneficiary or beneficiaries
for any such payment or delivery, shall be a valid and sufficient
release and discharge of any such association for the payment or
delivery so made.
(Source: Laws 1939, p. 478.)
Structure Illinois Compiled Statutes
Chapter 205 - FINANCIAL REGULATION
205 ILCS 5/ - Illinois Banking Act.
205 ILCS 10/ - Illinois Bank Holding Company Act of 1957.
205 ILCS 115/ - Savings and Loan Share and Account Act.
205 ILCS 205/ - Savings Bank Act.
205 ILCS 305/ - Illinois Credit Union Act.
205 ILCS 405/ - Currency Exchange Act.
205 ILCS 510/ - Pawnbroker Regulation Act.
205 ILCS 605/ - Consumer Deposit Account Act.
205 ILCS 610/ - Banking Emergencies Act.
205 ILCS 616/ - Electronic Fund Transfer Act.
205 ILCS 620/ - Corporate Fiduciary Act.
205 ILCS 625/ - Illinois Trust and Payable on Death Accounts Act.
205 ILCS 630/ - Promissory Note and Bank Holiday Act. (Part 3)
205 ILCS 635/ - Residential Mortgage License Act of 1987.
205 ILCS 645/ - Foreign Banking Office Act.
205 ILCS 650/ - Foreign Bank Representative Office Act.
205 ILCS 657/ - Transmitters of Money Act.
205 ILCS 660/ - Sales Finance Agency Act.
205 ILCS 665/ - Debt Management Service Act.
205 ILCS 670/ - Consumer Installment Loan Act.
205 ILCS 675/ - Illinois Financial Services Development Act.
205 ILCS 685/ - Currency Reporting Act.
205 ILCS 695/ - Automated Teller Machine Security Act.
205 ILCS 700/ - Adverse Claims to Deposit Accounts Act.
205 ILCS 705/ - Financial Institutions Electronic Documents and Digital Signature Act.
205 ILCS 710/ - Banking on Illinois Act.
205 ILCS 715/ - Data Processing Services for Financial Institutions Act.
205 ILCS 725/ - Blockchain Business Development Act .
205 ILCS 730/ - Blockchain Technology Act.
205 ILCS 735/ - Illinois Community Reinvestment Act.