§ 1 Title
§ 2 General definitions
§ 2.6 Transfer of powers
§ 3 Formation and primary powers
§ 4 Effect on existing banks
§ 5 General corporate powers
§ 5b Deposits in outside depository
§ 5c Ownership of a bankers’ bank
§ 5d Notwithstanding any other provision of this Act, a bank may engage in …
§ 5e Lending and account authority
§ 5f Non-English language transactions
§ 5g Savings promotion raffle
§ 7 Organization capital requirements
§ 8 Incorporators
§ 9 Contents of application
§ 9.5 Reservation of corporate name
§ 10 Permit to organize
§ 11 Stock subscription
§ 12 Organization
§ 13 Issuance of charter
§ 13.5 Formation and merger of interim banks
§ 13.6 Banks as limited liability companies
§ 14 Stock
§ 14.1 Quasi-Reorganization of Capital
§ 15 Stock and stockholders
§ 16 Directors
§ 16.1 One or more of the directors may be removed, with or without cause, …
§ 16.5 Employment of persons with convictions
§ 17 Changes in charter
§ 18 Change in control
§ 19.1 As used in Sections 20 through 30 both inclusive of this Act and for …
§ 19.2 For purposes of Sections 20 through 30 both inclusive of this Act, a …
§ 20 Resulting national bank or insured savings association
§ 21 Resulting State bank
§ 21.1 Application for certificate of authority
§ 21.2 Interstate mergers; minimum age requirement
§ 21.3 Mergers; deposit concentration limits
§ 21.4 Out-of-state banks establishing branches
§ 21.5 Prohibition against establishment of branches on or near the premises of certain affiliates
§ 22 Merger procedure; resulting State bank
§ 23 Merger; approval by stockholders
§ 24 Effective date of merger; filing
§ 25 Conversion of national bank or insured savings association into State …
§ 26 Converting national banks or insured savings association; issuance of …
§ 27 Commissioner’s expenses
§ 28 Continuation of corporate entity
§ 29 Dissenting stockholders.) If a stockholder of a state bank which is a …
§ 30 Conversion; merger with trust company
§ 30.5 Mid-tier bank holding company merger with State bank
§ 31 Emergency sale of assets, change in control, or merger
§ 31.1 Savings association branch; bank branch
§ 32 Basic loaning limits
§ 32.1 Loans to Single Females
§ 33 Marketable investment securities limit
§ 34 Exceptions to loans and investment limits
§ 35 Exemptions from loan and investment limits
§ 35.1 Lease limitations
§ 35.2 Limitations on investments in and loans to affiliates
§ 36 Classification of loans and investments
§ 37 Loans to officers and loans on and purchases of bank’s own stock
§ 38 Validation of loans and investments
§ 39 Directors’ and officers’ liability
§ 40 Prohibited activities
§ 43 Waivers; corporate action by unanimously signed writing
§ 44 School or institutional deposits. Subject to such regulations as the …
§ 44.1 Services at care facilities
§ 45.1 Accounts for minors
§ 46 Misleading practices and names prohibited; penalty
§ 47 Reports to Commissioner
§ 48 Secretary’s powers; duties
§ 48.05 Regulatory fees
§ 48.1 Customer financial records; confidentiality
§ 48.2 Prohibition against certain activities
§ 48.3 Disclosure of reports of examinations and confidential supervisory information; limitations
§ 48.4 Enforcement of child support
§ 48.5 Reliance on Commissioner
§ 48.6 Retention of records
§ 49 False statements; penalty
§ 50 Commissioner’s proceedings exclusive
§ 51 Capital impairment, etc.; correction
§ 52 Capital impairment, etc.; emergency
§ 53 Commissioner’s possession; power
§ 54 Commissioner’s possession; limitation of actions
§ 55 Reorganization
§ 56 Requirements of reorganization plan
§ 57 Reorganization; emergency
§ 58 Appointment of receiver; court proceeding
§ 59 Notice of receivership
§ 60 Receiver’s powers; duties
§ 61 Receiver’s powers; court directions
§ 62 Change of receiver
§ 63 Insured deposits; subrogation. The right of an agency of the United …
§ 64 Expenses and fees
§ 65 Dividends; dissolution
§ 66 Validation of dividends; destruction of records
§ 67 Judicial review
§ 68 Voluntary dissolution
§ 69 Voluntary dissolution; deposit with Commissioner
§ 70 Voluntary dissolution; Commissioner’s payments
§ 71 Voluntary dissolution; fees and expenses
§ 72 Voluntary dissolution; dissolving bank
§ 73 Voluntary dissolution; limitation on claims
§ 74 Voluntary dissolution; termination of charter
§ 74.5 Voluntary dissolution of less active bank
§ 75 Separability
§ 76 Effective Date
§ 77 Repealer
§ 78 Board of banks and trust companies; creation, members, appointment
§ 79 Board, terms of office
§ 80 Board; powers
§ 81 Board; compensation. No member of the Board, including the chairman, …
§ 82 Commissioner, board; civil liability
§ 83 Compliance review

Terms Used In Illinois Compiled Statutes > 205 ILCS 5

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Board: means a board created pursuant to Section 11-4. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Chambers: A judge's office.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Costs of administration: means the costs of wages or salary for the incubator manager and related clerical and administrative costs. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Costs of establishment: means the actual costs of acquisition, whether by lease, purchase or other devices, and of construction and renovation of the incubator. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Illinois Department of Commerce and Economic Opportunity. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Department: means the Illinois Department of Commerce and Economic Opportunity. See Illinois Compiled Statutes 30 ILCS 750/8-2
  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Educational institution: means a local school district, a private junior college or university, or a State supported community college or university within the State. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17
  • Incubator: means a property described in Sections 11-7 and 11-8. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local government: means any unit of local government as defined in Article VII, Section 1 of the 1970 Illinois Constitution. See Illinois Compiled Statutes 30 ILCS 750/8-2
  • Local governmental unit: means a county, township, city, village or incorporated town within this State. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • Municipalities: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.27
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Non-profit organization: means local chambers of commerce, business and economic development corporations and associations, and such other similar organizations so designated by the Department. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Public infrastructure: means local roads and streets, access roads, bridges, and sidewalks; waste disposal systems; water and sewer line extensions and water distribution and purification facilities, and sewage treatment facilities; rail or air or water port improvements; gas and electric utility facilities; transit capital facilities; development and improvement of publicly owned industrial and commercial sites, or other public capital improvements which are an essential precondition to a business retention, development or expansion project for the purposes of the Business Development Public Infrastructure Loan and Grant Program. See Illinois Compiled Statutes 30 ILCS 750/8-2
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sponsor: means an educational institution, local governmental unit or non-profit organization which receives Department funds under this Article. See Illinois Compiled Statutes 30 ILCS 750/11-2
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.