LRB093 06478 JLS 06601 b

 1        AN ACT concerning certain financial institutions.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Banking  Act  is  amended  by
 5    changing Section 8 as follows:

 6        (205 ILCS 5/8) (from Ch. 17, par. 315)
 7        Sec.  8.  Incorporators. A State bank may be organized on
 8    application by 5 or more  incorporators,  or  by  5  or  more
 9    organizers under the Limited Liability Company Act, who shall
10    be  individuals except that a bank holding company may be the
11    sole incorporator of a State bank.
12    (Source: P.A. 92-483, eff. 8-23-01.)

13        Section 10.  The Limited Liability Company Act is amended
14    by changing Section 1-25 as follows:

15        (805 ILCS 180/1-25)
16        Sec.  1-25.  Nature  of  business.  A  limited  liability
17    company may be formed for  any  lawful  purpose  or  business
18    except:
19             (1)  (blank) banking,   exclusive   of   fiduciaries
20        organized  for  the  purpose  of  accepting and executing
21        trusts;
22             (2)  insurance unless, for the purpose  of  carrying
23        on business as a member of a group including incorporated
24        and  individual unincorporated underwriters, the Director
25        of Insurance finds that the group meets the  requirements
26        of subsection (3) of Section 86 of the Illinois Insurance
27        Code  and the limited liability company, if insolvent, is
28        subject to liquidation by the Director of Insurance under
29        Article XIII of the Illinois Insurance Code;
                            -2-      LRB093 06478 JLS 06601 b
 1             (3)  the  practice  of  dentistry  unless  all   the
 2        members  and  managers are licensed as dentists under the
 3        Illinois Dental Practice Act; or
 4             (4)  the  practice  of  medicine  unless   all   the
 5        managers, if any, are licensed to practice medicine under
 6        the Medical Practice Act of 1987 and any of the following
 7        conditions apply:
 8                  (A)  the  member  or  members  are  licensed to
 9             practice medicine under the Medical Practice Act  of
10             1987; or
11                  (B)  the  member  or  members  are a registered
12             medical  corporation   or   corporations   organized
13             pursuant to the Medical Corporation Act; or
14                  (C)  the  member  or members are a professional
15             corporation organized pursuant to  the  Professional
16             Service  Corporation  Act  of physicians licensed to
17             practice medicine in all its branches; or
18                  (D)  the  member  or  members  are  a   medical
19             limited liability company or companies.
20    (Source: P.A. 91-593, eff. 8-14-99; 92-144, eff. 7-24-01.)

21        Section  99.  Effective date.  This Act takes effect upon
22    becoming law.