Ill. Admin. Code tit. 38, § 1075.1820 - Prohibition on Approval of Certain Applications for Conversion
Current through Register Vol. 46, No. 15, April 8, 2022
No application for conversion may be approved by the Director if:
a) The plan of conversion adopted
by the applicant's board of directors is not in accordance with this
Subpart;
b) The conversion
reasonably could be expected to result in a reduction of the applicant's
capital below requirements established by the Director and by Federal
law;
c) The conversion may result
in a taxable reorganization of the applicant 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 the converting savings bank;
d) The converted savings bank does not secure
insurance of its deposit accounts backed by the full faith and credit of the
United States government before commencing business; or
e) Where a holding company is contemplated,
the holding company will not be either a bank holding company registered with
the Federal Reserve Board under the Bank Holding Company Act (
12
USC 1841 et seq.) or a savings and loan
holding company registered with the Office of Thrift Supervision under the Home
Owners' Loan Act (
12
USC 1461 et seq.).
Notes
Amended at 30 Ill. Reg. 19068, effective December 1, 2006
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