(a) A mid-tier bank holding company may merge into its subsidiary in the following manner:
        (1) The mid-tier bank holding company shall comply
    
with the provisions of this Act with respect to the merger of domestic corporations, and the surviving subsidiary bank shall comply with the provisions of § 30.5 of the Illinois Banking Act.
        (2) Section 11.50 of this Act shall, insofar as it is
    
applicable, apply to mergers between mid-tier bank holding companies and their subsidiary banks.
    (b) For the purpose of this Section 11.31, “mid-tier bank holding company” means a corporation (1) that owns 100% of the issued and outstanding shares of each class of stock of a State bank, (2) that has no other subsidiaries, and (3) of which 100% of the issued and outstanding shares are owned by a parent bank holding company.

Terms Used In Illinois Compiled Statutes 805 ILCS 5/11.31

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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