Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 305/45

(205 ILCS 305/45) (from Ch. 17, par. 4446)

Sec. 45. Reduction in shares.

Whenever the losses of any credit union,
resulting from a depreciation in value of its loans or investments or otherwise,
exceed its undivided earnings and reserve fund so that the estimated value
of its assets is less than the total amount due the holders of share accounts,
the credit union, may, by a majority vote of the entire membership, with
approval by the Department, order a reduction in the shares of each of its
shareholders to divide the loss proportionately among the holders of shares
in accordance with such terms and conditions as the Department may prescribe.

(Source: P.A. 97-133, eff. 1-1-12.)