Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 5/14.1

(205 ILCS 5/14.1) (from Ch. 17, par. 321.1)

Sec. 14.1. Quasi-Reorganization of Capital.

(a) For the purposes of declaring dividends pursuant to Section 14(8)(b) of
this Act upon a change in control,  if a bank:

(1) incurs a change in ownership of more than 50% of

its voting stock; and

(2) has a deficit in its net profits then on hand at

the time of such change in ownership; and

(3) receives the prior written approval of the

Secretary;

such bank
may restate its asset and liability accounts to fair value for the purpose
of reorganizing the capital accounts of the bank so that net profits then
on hand are restated to zero; provided that in no event may total capital
be increased as a result of a capital reorganization made pursuant to this Section.

(b) A bank may reorganize its capital accounts pursuant to item (3) of subsection (a) of this Section without a change in control to the same extent and in the same manner authorized for national banks, subject to the same limitations and restrictions as are applicable to national banks, upon receiving the prior written approval of the Secretary.

(Source: P.A. 99-362, eff. 8-13-15.)