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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5855
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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205 ILCS 115/2 |
from Ch. 17, par. 3602 |
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Amends the Savings and Loan Share and Account Act.
Makes technical changes
to a Section
relating to joint ownership of accounts.
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A BILL FOR
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HB5855 |
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LRB093 16898 SAS 42555 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Savings and Loan Share and Account Act is |
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| amended by changing
Section 2 as follows:
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| (205 ILCS 115/2) (from Ch. 17, par. 3602)
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| Sec. 2. Joint ownership of accounts. Any savings and loan |
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| or
Federal savings and loan association may
issue shares, share |
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| accounts or accounts in the joint names of 2
two or
more
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| persons or their survivor, in which event any of such persons |
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| shall have
power to act in all matters related to such shares, |
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| share accounts or
accounts whether the other person or persons |
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| named in such shares, share
accounts or accounts be living or |
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| not. Such a joint account shall create a
single membership in |
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| any such association. The repurchase or redemption or
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| withdrawal value of shares, share accounts or accounts issued |
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| in joint
names, and dividends thereon, or other rights relating |
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| thereto, may be paid
or delivered, in whole or in part, to any |
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| of such persons, whether the
other person or persons be living |
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| or not. The payment or delivery to any
such person, or a |
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| receipt or acquittance signed by any such person, to whom
any |
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| such payment or any such delivery of rights is made, shall be a |
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| valid
and sufficient release and discharge of any such |
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| association for the
payment or delivery so made.
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| (Source: Laws 1939, p. 478.)
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