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