Ill. Admin. Code tit. 38, § 1075.1115 - Prohibition Against Approval of Certain Applications for Reorganization

No application for reorganization may be approved by the Director if:

a) The plan of reorganization adopted by the applicant's board of directors is not in accordance with this Subpart;

b) The reorganization reasonably could be expected to result in a resulting or acquiree savings bank or pre-existing depository institution with capital below requirements established by the Director and by Federal law;

c) The reorganization results in a taxable reorganization under the United States Internal Revenue Code of 1986 ( 26 USC 1 et seq.) and the Director upon a written finding determines that the reorganization will endanger the safety and soundness of a resulting or acquiree or pre-existing savings bank; or

d) A resulting savings bank does not secure insurance of its deposit accounts backed by the full faith and credit of the United States government before reorganization.

Notes

Ill. Admin. Code tit. 38, § 1075.1115

Amended at 30 Ill. Reg. 19068, effective December 1, 2006