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(15 ILCS 520/15)
(from Ch. 130, par. 34)
(a) A bank or savings and loan association approved as a
depositary shall cease to be an approved bank or savings and loan
association, and shall be disqualified by the State Treasurer:
(1) Upon its failure to post a suitable bond or
deposit securities with the State Treasurer;
(2) Upon its failure or refusal to pay over public
moneys or any part thereof;
(3) Upon its becoming insolvent or bankrupt, or being
placed in the hands of a receiver;
(4) Upon a showing of unsatisfactory financial
condition through a report made to, or an examination made by, the Comptroller of the Currency, the Commissioner of Banks and Real Estate, or the Federal Home Loan Bank or its successors.
(b) No approved depositary shall be disqualified by the State
Treasurer solely by reason of its acquisition by another institution.
(Source: P.A. 89-508, eff. 7-3-96.)