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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1194
Introduced , by Rep. Jack D. Franks 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 a technical change
to a Section
relating to joint ownership of accounts.
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A BILL FOR
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HB1194 |
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LRB095 08024 MJR 28186 b |
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| AN ACT concerning 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. Any savings and
and loan or Federal savings and |
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| loan association may
issue shares, share accounts or accounts |
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| in the joint names of two or more
persons or their survivor, in |
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| which event any of such persons shall have
power to act in all |
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| matters related to such shares, share accounts or
accounts |
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| whether the other person or persons named in such shares, share
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| accounts or accounts be living or not. Such a joint account |
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| shall create a
single membership in any such association. The |
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| repurchase or redemption or
withdrawal value of shares, share |
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| accounts or accounts issued in joint
names, and dividends |
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| thereon, or other rights relating thereto, may be paid
or |
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| delivered, in whole or in part, to any of such persons, whether |
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other person or persons be living or not. The payment or |
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| delivery to any
such person, or a receipt or acquittance signed |
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| by any such person, to whom
any such payment or any such |
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| delivery of rights is made, shall be a valid
and sufficient |
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| release and discharge of any such association for the
payment |