093_SB1500sam002











                                     LRB093 06427 JLS 13414 a

 1                    AMENDMENT TO SENATE BILL 1500

 2        AMENDMENT NO.     .  Amend Senate Bill 1500 on page 1  by
 3    replacing line 5 with the following:
 4    "changing  Sections  17  and  37  and  adding Section 13.6 as
 5    follows:

 6        (205 ILCS 5/13.6 new)
 7        Sec. 13.6.  Banks  as  limited  liability  companies.   A
 8    State  bank  may be chartered as a limited liability company,
 9    may convert to a limited liability company, or may merge with
10    and  into  a  limited  liability  company  pursuant  to   the
11    applicable laws of this State and any rule promulgated by the
12    Commissioner  or  by  the appropriate federal banking agency.
13    If federal law or the federal Office of  the  Comptroller  of
14    the  Currency authorizes a national bank to be chartered as a
15    limited liability company or to convert to or  merge  with  a
16    limited  liability  company,  a State bank shall be permitted
17    similar authority subject to terms and  conditions  that  are
18    not more onerous than those applicable to the national bank.


19        (205 ILCS 5/17) (from Ch. 17, par. 324)
20        Sec. 17.  Changes in charter.
21        (a)  By  compliance  with  the  provisions  of this Act a
 
                            -2-      LRB093 06427 JLS 13414 a
 1    State bank may:
 2             (1)  (blank);
 3             (2)  increase, decrease or change its capital stock,
 4        whether issued or unissued,  provided  that  in  no  case
 5        shall  the  capital be diminished to the prejudice of its
 6        creditors;
 7             (3)  provide for  authorized  but  unissued  capital
 8        stock  reserved  for  issuance  for  one  or  more of the
 9        purposes provided for in subsection  (5)  of  Section  14
10        hereof;
11             (4)  authorize   preferred   stock,   or   increase,
12        decrease   or  change  the  preferences,  qualifications,
13        limitations, restrictions or special or  relative  rights
14        of  its  preferred  stock, whether issued or unissued, or
15        delegate authority to its board of directors as  provided
16        in  subsection  (d),  provided  that in no case shall the
17        capital be diminished to the prejudice of its creditors;
18             (5)  increase, decrease or change the par  value  of
19        its  shares  of  its  capital  stock  or preferred stock,
20        whether issued or unissued, or delegate authority to  its
21        board of directors as provided in subsection (d);
22             (6)  (blank);
23             (7)  eliminate cumulative voting rights under all or
24        specified   circumstances,  or  eliminate  voting  rights
25        entirely, as to any class or classes or series  of  stock
26        of  the  bank  pursuant  to  paragraph (3) of Section 15,
27        provided that one class of shares or series thereof shall
28        always have voting in respect to all matters in the bank,
29        and provided further that the proposal to eliminate  such
30        voting rights receives the approval of the holders of 70%
31        of  the  outstanding  shares of stock entitled to vote as
32        provided in paragraph  (7)  of  subsection  (b)  of  this
33        Section 17;
34             (8)  increase, decrease, or change its capital stock
 
                            -3-      LRB093 06427 JLS 13414 a
 1        or  preferred  stock, whether issued or unissued, for the
 2        purpose of eliminating fractional shares or avoiding  the
 3        issuance  of  fractional shares, provided that in no case
 4        shall the capital be diminished to the prejudice  of  its
 5        creditors; or
 6             (9)  make such other change in its charter as may be
 7        authorized in this Act.
 8        (b)  To  effect  a  change  or  changes in a State bank's
 9    charter as provided for in this Section 17:
10             (1)  The board of directors shall adopt a resolution
11        setting forth the proposed amendment and  directing  that
12        it  be  submitted to a vote at a meeting of stockholders,
13        which may be either an annual or special meeting.
14             (2)  If the meeting is a special meeting, written or
15        printed notice setting forth the  proposed  amendment  or
16        summary  thereof  shall  be  given to each stockholder of
17        record entitled to vote at such meeting at least 30  days
18        before  such  meeting  and in the manner provided in this
19        Act for the giving of notice of meetings of stockholders.
20             (3)  At  such  special  meeting,  a  vote   of   the
21        stockholders  entitled  to  vote  shall  be  taken on the
22        proposed amendment.  Except as provided in paragraph  (7)
23        of  this  subsection (b), the proposed amendment shall be
24        adopted  upon  receiving  the  affirmative  vote  of  the
25        holders of at least two-thirds of the outstanding  shares
26        of stock entitled to vote at such meeting, unless holders
27        of  preferred  stock  are  entitled to vote as a class in
28        respect thereof, in which event  the  proposed  amendment
29        shall  be  adopted upon receiving the affirmative vote of
30        the holders of at least  two-thirds  of  the  outstanding
31        shares  of  each  class  of  shares entitled to vote as a
32        class in respect thereof and  of  the  total  outstanding
33        shares  entitled  to vote at such meeting.  Any number of
34        amendments may be submitted to the stockholders and voted
 
                            -4-      LRB093 06427 JLS 13414 a
 1        upon by them  at  one  meeting.   A  certificate  of  the
 2        amendment, or amendments, verified by the president, or a
 3        vice-president,   or   the   cashier,   shall   be  filed
 4        immediately in the office of the Commissioner.
 5             (4)  At any annual meeting without a  resolution  of
 6        the  board  of  directors  and without a notice and prior
 7        publication, as hereinabove provided, a proposition for a
 8        change in the bank's charter  as  provided  for  in  this
 9        Section 17 may be submitted to a vote of the stockholders
10        entitled  to  vote  at the annual meeting, except that no
11        proposition for authorized  but  unissued  capital  stock
12        reserved  for  issuance  for  one or more of the purposes
13        provided for in subsection (5) of Section 14 hereof shall
14        be submitted without complying  with  the  provisions  of
15        said subsection.  The proposed amendment shall be adopted
16        upon  receiving the affirmative vote of the holders of at
17        least two-thirds  of  the  outstanding  shares  of  stock
18        entitled  to  vote  at  such  meeting,  unless holders of
19        preferred stock are  entitled  to  vote  as  a  class  in
20        respect  thereof,  in  which event the proposed amendment
21        shall be adopted upon receiving the affirmative  vote  of
22        the  holders  of  at  least two-thirds of the outstanding
23        shares of each class of shares  entitled  to  vote  as  a
24        class in respect thereof and the total outstanding shares
25        entitled  to  vote at such meeting.  A certificate of the
26        amendment, or amendments, verified by the president, or a
27        vice-president or cashier, shall be filed immediately  in
28        the office of the Commissioner.
29             (5)  If an amendment or amendments shall be approved
30        in   writing   by  the  Commissioner,  the  amendment  or
31        amendments  so  adopted  and   so   approved   shall   be
32        accomplished   in   accordance   with  the  vote  of  the
33        stockholders.  The Commissioner may impose such terms and
34        conditions on the approval of the amendment or amendments
 
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 1        as he deems necessary or appropriate.   The  Commissioner
 2        shall revoke such approval in the event such amendment or
 3        amendments are not effected within one year from the date
 4        of  the  issuance  of  the Commissioner's certificate and
 5        written approval except for transactions permitted  under
 6        subsection (5) of Section 14 of this Act.
 7             (6)  No  amendment  or amendments shall affect suits
 8        in which the bank  is  a  party,  nor  affect  causes  of
 9        action,  nor  affect rights of persons in any particular,
10        nor shall actions brought against such bank by its former
11        name be abated by a change of name.
12             (7)  A proposal to amend the  charter  to  eliminate
13        cumulative   voting   rights   under   all  or  specified
14        circumstances, or to eliminate voting rights entirely, as
15        to any class or classes or series or  stock  of  a  bank,
16        pursuant to paragraph (3) of Section 15 and paragraph (7)
17        of  subsection  (a)  of this Section 17, shall be adopted
18        only upon such proposal receiving  the  approval  of  the
19        holders  of  70%  of  the  outstanding  shares  of  stock
20        entitled  to  vote  at  the meeting where the proposal is
21        presented for approval, unless holders of preferred stock
22        are entitled to vote as a class in  respect  thereof,  in
23        which  event the proposed amendment shall be adopted upon
24        receiving the approval of  the  holders  of  70%  of  the
25        outstanding  shares  of  each class of shares entitled to
26        vote as a class in  respect  thereof  and  of  the  total
27        outstanding  shares entitled to vote at the meeting where
28        the proposal is presented for approval.  The proposal  to
29        amend  the  charter pursuant to this paragraph (7) may be
30        voted upon at the annual meeting or a special meeting.
31             (8)  Written or printed notice  of  a  stockholders'
32        meeting  to  vote  on a proposal to increase, decrease or
33        change the capital stock or preferred stock  pursuant  to
34        paragraph (8) of subsection (a) of this Section 17 and to
 
                            -6-      LRB093 06427 JLS 13414 a
 1        eliminate  fractional  shares  or  avoid  the issuance of
 2        fractional shares shall be given to each  stockholder  of
 3        record  entitled  to vote at the meeting at least 30 days
 4        before the meeting and in the manner provided in this Act
 5        for the giving of notice of meetings of stockholders, and
 6        shall include all of the following information:
 7                  (A)  A statement of the purpose of the proposed
 8             reverse stock split.
 9                  (B)  A statement of the amount of consideration
10             being offered for the bank's stock.
11                  (C)  A statement that the  bank  considers  the
12             transaction   fair   to   the  stockholders,  and  a
13             statement of the  material  facts  upon  which  this
14             belief is based.
15                  (D)  A  statement  that the bank has secured an
16             opinion from a  third  party  with  respect  to  the
17             fairness,  from  a  financial  point of view, of the
18             consideration  to  be   paid,   the   identity   and
19             qualifications  of  the  third  party, how the third
20             party was selected, and  any  material  relationship
21             between the third party and the bank.
22                  (E)  A  summary  of  the  opinion including the
23             basis  for  and  the  methods  of  arriving  at  the
24             findings and any limitation imposed by the  bank  in
25             arriving  at  fair  value and a statement making the
26             opinion available for reviewing or  copying  by  any
27             stockholder.
28                  (F)  A  statement  that  objecting stockholders
29             will be entitled to the fair value of  those  shares
30             that  are  voted against the charter amendment, if a
31             proper  demand  is  made  on  the   bank   and   the
32             requirements  are  satisfied  as  specified  in this
33             Section.
34    If a stockholder shall file with the bank, prior to or at the
 
                            -7-      LRB093 06427 JLS 13414 a
 1    meeting  of  stockholders  at  which  the  proposed   charter
 2    amendment  is submitted to a vote, a written objection to the
 3    proposed charter  amendment  and  shall  not  vote  in  favor
 4    thereof,  and  if  the  stockholder,  within  20  days  after
 5    receiving  written  notice  of the date the charter amendment
 6    was accomplished pursuant to paragraph (5) of subsection  (a)
 7    of this Section 17, shall make written demand on the bank for
 8    payment  of  the fair value of the stockholder's shares as of
 9    the day prior to  the  date  on  which  the  vote  was  taken
10    approving  the  charter  amendment, the bank shall pay to the
11    stockholder,   upon   surrender   of   the   certificate   or
12    certificates representing the stock, the fair value  thereof.
13    The  demand  shall  state  the  number of shares owned by the
14    objecting stockholder.  The bank shall provide written notice
15    of the date on which the charter amendment  was  accomplished
16    to  all  stockholders  who  have  filed written objections in
17    order that the objecting stockholders may know when they must
18    file written demand if they choose to do so.  Any stockholder
19    failing to make demand within  the  20-day  period  shall  be
20    conclusively  presumed  to  have  consented  to  the  charter
21    amendment and shall be bound by the terms thereof.  If within
22    30  days  after  the  date  on  which a charter amendment was
23    accomplished the value of the shares is agreed  upon  between
24    the  objecting  stockholders  and  the bank, payment therefor
25    shall be made within 90 days after  the  date  on  which  the
26    charter amendment was accomplished, upon the surrender of the
27    stockholder's  certificate  or  certificates representing the
28    shares. Upon  payment  of  the  agreed  value  the  objecting
29    stockholder shall cease to have any interest in the shares or
30    in   the  bank.   If  within  such  period  of  30  days  the
31    stockholder and the bank do not so agree, then the  objecting
32    stockholder  may,  within 60 days after the expiration of the
33    30-day period, file a complaint in the circuit  court  asking
34    for  a  finding  and  determination  of the fair value of the
 
                            -8-      LRB093 06427 JLS 13414 a
 1    shares, and shall be entitled to judgment  against  the  bank
 2    for  the  amount of the fair value as of the day prior to the
 3    date on which  the  vote  was  taken  approving  the  charter
 4    amendment  with interest thereon to the date of the judgment.
 5    The practice, procedure and judgment shall be governed by the
 6    Civil Practice Law. The judgment shall be payable  only  upon
 7    and  simultaneously  with  the  surrender  to the bank of the
 8    certificate or certificates representing  the  shares.   Upon
 9    payment  of  the  judgment,  the  objecting stockholder shall
10    cease to have any interest in the shares or  the  bank.   The
11    shares  may  be held and disposed of by the bank.  Unless the
12    objecting stockholder shall file such  complaint  within  the
13    time herein limited, the stockholder and all persons claiming
14    under  the stockholder shall be conclusively presumed to have
15    approved and ratified the charter  amendment,  and  shall  be
16    bound  by  the  terms  thereof.  The  right  of  an objecting
17    stockholder to be paid the fair value  of  the  stockholder's
18    shares  of  stock  as herein provided shall cease if and when
19    the bank shall abandon the charter amendment.
20        (c)  The  purchase  and  holding  and  later  resale   of
21    treasury  stock of a state bank pursuant to the provisions of
22    subsection (6) of Section 14 may be  accomplished  without  a
23    change  in its charter reflecting any decrease or increase in
24    capital stock.
25        (d)  A State bank may amend its charter for  the  purpose
26    of  authorizing  its  board  of  directors to issue preferred
27    stock; to increase, decrease, or  change  the  par  value  of
28    shares of its preferred stock, whether issued or unissued; or
29    to   increase,   decrease,   or   change   the   preferences,
30    qualifications,  limitations,  restrictions,  or  special  or
31    relative  rights  of  its  preferred stock, whether issued or
32    unissued; provided that in  no  case  shall  the  capital  be
33    diminished  to  the  prejudice  of  the  bank's creditors. An
34    amendment to the bank's charter granting such authority shall
 
                            -9-      LRB093 06427 JLS 13414 a
 1    establish  ranges,  limits,  or  restrictions  that  must  be
 2    observed when the board exercises the  discretion  authorized
 3    by the amendment.
 4        Once  such  an  amendment  is  adopted  and  approved  as
 5    provided  in  this  subsection, and without further action by
 6    the bank's stockholders, the board may exercise its delegated
 7    authority by adopting a  resolution  specifying  the  actions
 8    that  it  is  taking with respect to the preferred stock. The
 9    board may fully exercise its delegated authority through  one
10    resolution or it may exercise its delegated authority through
11    a  series  of  resolutions, provided that the board's actions
12    remain at all  times  within  the  ranges,  limitations,  and
13    restrictions   specified  in  the  amendment  to  the  bank's
14    charter.
15        A resolution adopted by the board  under  this  authority
16    shall  be  submitted  to  the  Commissioner for approval. The
17    Commissioner shall  approve  the  resolution,  or  state  any
18    objections  to  the  resolution,  within  30  days  after the
19    receipt of  the  resolution  adopted  by  the  board.  If  no
20    objections are specified by the Commissioner within that time
21    frame,  the  resolution  will be deemed to be approved by the
22    Commissioner.  Once  approved,  the   resolution   shall   be
23    incorporated  as  an  addendum  to the bank's charter and the
24    board may proceed to effect the  changes  set  forth  in  the
25    resolution.
26    (Source:  P.A.  91-322, eff. 1-1-00; 92-483, eff. 8-23-01.)";
27    and

28    on  page  2  by  inserting  immediately  below  line  32  the
29    following:

30        "Section 10.  The Savings Bank Act is amended  by  adding
31    Section 1007.125 and changing Section 1008 as follows:

32        (205 ILCS 205/1007.125 new)
 
                            -10-     LRB093 06427 JLS 13414 a
 1        Sec.   1007.125.  Limited  liability  company.   "Limited
 2    liability  company"  means  a   limited   liability   company
 3    organized under the Limited Liability Company Act.

 4        (205 ILCS 205/1008) (from Ch. 17, par. 7301-8)
 5        Sec. 1008.  General corporate powers.
 6        (a)  A  savings  bank operating under this Act shall be a
 7    body corporate and politic and shall have all of  the  powers
 8    conferred  by  this  Act  including,  but not limited to, the
 9    following powers:
10             (1)  To sue and be sued, complain, and defend in its
11        corporate name and to have a common seal,  which  it  may
12        alter or renew at pleasure.
13             (2)  To  obtain  and maintain insurance by a deposit
14        insurance corporation as defined in this Act.
15             (3)  To act as a fiscal agent for the United States,
16        the State of Illinois or any department, branch, arm,  or
17        agency  of  the  State or any unit of local government or
18        school district in the State, when  duly  designated  for
19        that   purpose,   and  as  agent  to  perform  reasonable
20        functions as may be required of it.
21             (4)  To  become  a  member  of  or  deal  with   any
22        corporation  or  agency of the United States or the State
23        of Illinois, to the extent that  the  agency  assists  in
24        furthering  or facilitating its purposes or powers and to
25        that end to  purchase  stock  or  securities  thereof  or
26        deposit  money  therewith,  and  to comply with any other
27        conditions of membership or credit.
28             (5)  To make donations in reasonable amounts for the
29        public welfare or for charitable, scientific,  religious,
30        or educational purposes.
31             (6)  To  adopt  and  operate  reasonable  insurance,
32        bonus,  profit sharing, and retirement plans for officers
33        and  employees  and  for  directors  including,  but  not
 
                            -11-     LRB093 06427 JLS 13414 a
 1        limited to, advisory, honorary, and  emeritus  directors,
 2        who are not officers or employees.
 3             (7)  To  reject  any  application for membership; to
 4        retire  deposit  accounts  by  enforced   retirement   as
 5        provided  in  this  Act  and the bylaws; and to limit the
 6        issuance of, or payments on, deposit  accounts,  subject,
 7        however, to contractual obligations.
 8             (8)  To  purchase  stock in service corporations and
 9        to invest in any form  of  indebtedness  of  any  service
10        corporation   as   defined   in   this  Act,  subject  to
11        regulations of the Commissioner.
12             (9)  To  purchase  stock  of  a  corporation   whose
13        principal purpose is to operate a safe deposit company or
14        escrow service company.
15             (10)  To   exercise  all  the  powers  necessary  to
16        qualify as a trustee or custodian under federal or  State
17        law,  provided  that  the authority to accept and execute
18        trusts is subject to  the  provisions  of  the  Corporate
19        Fiduciary  Act and to the supervision of those activities
20        by the Commissioner.
21             (11)  (Blank).
22             (12)  To establish, maintain, and operate  terminals
23        as authorized by the Electronic Fund Transfer Act.
24             (13)  To pledge its assets:
25                  (A)  to  enable it to act as agent for the sale
26             of obligations of the United States;
27                  (B)  to secure deposits;
28                  (C)  to  secure  deposits  of  money   whenever
29             required by the National Bankruptcy Act;
30                  (D)  (blank); and
31                  (E)  to  secure trust funds commingled with the
32             savings  bank's  funds,  whether  deposited  by  the
33             savings bank or an affiliate of the savings bank, as
34             required  under  Section  2-8   of   the   Corporate
 
                            -12-     LRB093 06427 JLS 13414 a
 1             Fiduciary Act.
 2             (14)  To  accept for payment at a future date not to
 3        exceed one year from the date of acceptance, drafts drawn
 4        upon it by  its  customers;  and  to  issue,  advise,  or
 5        confirm  letters of credit authorizing holders thereof to
 6        draw drafts upon it or its correspondents.
 7             (15)  Subject   to   the    regulations    of    the
 8        Commissioner, to own and lease personal property acquired
 9        by  the  savings  bank  at  the  request of a prospective
10        lessee and, upon the agreement of that person,  to  lease
11        the personal property.
12             (16)  To  establish  temporary service booths at any
13        International Fair in this State that is approved by  the
14        United  States Department of Commerce for the duration of
15        the international fair for the  purpose  of  providing  a
16        convenient  place for foreign trade customers to exchange
17        their  home  countries'  currency  into   United   States
18        currency  or the converse.  To provide temporary periodic
19        service to persons residing in a bona fide nursing  home,
20        senior  citizens'  retirement  home,  or  long-term  care
21        facility.    These  powers  shall  not  be  construed  as
22        establishing a new place or change of  location  for  the
23        savings bank providing the service booth.
24             (17)  To    indemnify   its   officers,   directors,
25        employees, and agents,  as  authorized  for  corporations
26        under  Section  8.75  of the Business Corporations Act of
27        1983.
28             (18)  To provide data processing services to  others
29        on a for-profit basis.
30             (19)  To   utilize   any  electronic  technology  to
31        provide customers with home banking services.
32             (20)  Subject   to   the    regulations    of    the
33        Commissioner,  to  enter  into  an  agreement to act as a
34        surety.
 
                            -13-     LRB093 06427 JLS 13414 a
 1             (21)  Subject   to   the    regulations    of    the
 2        Commissioner,   to  issue  credit  cards,  extend  credit
 3        therewith, and otherwise  engage  in  or  participate  in
 4        credit card operations.
 5             (22)  To  purchase  for  its  own  account shares of
 6        stock of a bankers' bank, described in  Section  13(b)(1)
 7        of  the  Illinois  Banking  Act,  on  the  same terms and
 8        conditions as a bank may purchase  such  shares.   In  no
 9        event  shall  the  total  amount  of such stock held by a
10        savings bank in such bankers'  bank  exceed  10%  of  its
11        capital  and surplus (including undivided profits) and in
12        no event shall a savings bank acquire more than 5% of any
13        class of voting securities of such bankers' bank.
14             (23)  With respect to affiliate facilities:
15                  (A)  to conduct at affiliate facilities any  of
16             the  following transactions for and on behalf of any
17             affiliated depository institution, if so  authorized
18             by  the affiliate or affiliates: receiving deposits;
19             renewing  deposits;  cashing  and  issuing   checks,
20             drafts,  money  orders, travelers checks, or similar
21             instruments; changing money; receiving  payments  on
22             existing  indebtedness;  and  conducting ministerial
23             functions  with  respect   to   loan   applications,
24             servicing   loans,   and   providing   loan  account
25             information; and
26                  (B)  to  authorize  an  affiliated   depository
27             institution  to conduct for and on behalf of it, any
28             of the transactions listed in this subsection at one
29             or more affiliate facilities.
30             A savings bank intending to conduct or to  authorize
31        an  affiliated  depository  institution  to conduct at an
32        affiliate facility any of the transactions  specified  in
33        this   subsection   shall  give  written  notice  to  the
34        Commissioner at least 30 days before any such transaction
 
                            -14-     LRB093 06427 JLS 13414 a
 1        is conducted at an affiliate facility.  All conduct under
 2        this subsection shall be on terms  consistent  with  safe
 3        and sound banking practices and applicable law.
 4             (24)  Subject   to  Article  XLIV  of  the  Illinois
 5        Insurance Code, to act as the agent for any  fire,  life,
 6        or  other  insurance  company  authorized by the State of
 7        Illinois,  by  soliciting  and  selling   insurance   and
 8        collecting  premiums  on policies issued by such company;
 9        and may receive for services so  rendered  such  fees  or
10        commissions  as  may  be  agreed  upon  between  the said
11        savings bank and the insurance company for which  it  may
12        act  as  agent;  provided,  however, that no such savings
13        bank shall in any case assume or guarantee the payment of
14        any premium on  insurance  policies  issued  through  its
15        agency  by  its principal; and provided further, that the
16        savings  bank  shall  not  guarantee  the  truth  of  any
17        statement made by an assured in  filing  his  application
18        for insurance.
19             (25)  To  become  a  member of the Federal Home Loan
20        Bank  and  to  have  the  powers  granted  to  a  savings
21        association organized under the Illinois Savings and Loan
22        Act of 1985 or the laws of the United States, subject  to
23        regulations of the Commissioner.
24             (26)  To offer any product or service that is at the
25        time authorized or permitted to a bank by applicable law,
26        but   subject   always   to   the  same  limitations  and
27        restrictions that are applicable  to  the  bank  for  the
28        product  or service by such applicable law and subject to
29        the applicable provisions of the  Financial  Institutions
30        Insurance Sales Law and rules of the Commissioner.
31        (b)  If  this  Act  or the regulations adopted under this
32    Act fail to provide specific guidance in matters of corporate
33    governance, the provisions of the Business Corporation Act of
34    1983 may be used.
 
                            -15-     LRB093 06427 JLS 13414 a
 1        (c)  A savings bank operating under this Act may, subject
 2    to rules of the Commissioner, convert to a limited  liability
 3    company  upon  an  authorization  by  the  deposit  insurance
 4    corporation.
 5    (Source:  P.A.  91-97,  eff.  7-9-99;  91-357,  eff. 7-29-99;
 6    92-483, eff. 8-23-01.)

 7        Section 15.  The Limited Liability Company Act is amended
 8    by changing Section 1-25 as follows:

 9        (805 ILCS 180/1-25)
10        Sec.  1-25.  Nature  of  business.  A  limited  liability
11    company may be formed for  any  lawful  purpose  or  business
12    except:
13             (1)  (blank)   banking,   exclusive  of  fiduciaries
14        organized for the  purpose  of  accepting  and  executing
15        trusts;
16             (2)  insurance  unless,  for the purpose of carrying
17        on business as a member of a group including incorporated
18        and individual unincorporated underwriters, the  Director
19        of  Insurance finds that the group meets the requirements
20        of subsection (3) of Section 86 of the Illinois Insurance
21        Code and the limited liability company, if insolvent,  is
22        subject to liquidation by the Director of Insurance under
23        Article XIII of the Illinois Insurance Code;
24             (3)  the   practice  of  dentistry  unless  all  the
25        members and managers are licensed as dentists  under  the
26        Illinois Dental Practice Act; or
27             (4)  the   practice   of  medicine  unless  all  the
28        managers, if any, are licensed to practice medicine under
29        the Medical Practice Act of 1987 and any of the following
30        conditions apply:
31                  (A)  the member  or  members  are  licensed  to
32             practice  medicine under the Medical Practice Act of
 
                            -16-     LRB093 06427 JLS 13414 a
 1             1987; or
 2                  (B)  the member or  members  are  a  registered
 3             medical   corporation   or   corporations  organized
 4             pursuant to the Medical Corporation Act; or
 5                  (C)  the member or members are  a  professional
 6             corporation  organized  pursuant to the Professional
 7             Service Corporation Act of  physicians  licensed  to
 8             practice medicine in all its branches; or
 9                  (D)  the   member  or  members  are  a  medical
10             limited liability company or companies.
11    (Source: P.A. 91-593, eff. 8-14-99; 92-144, eff. 7-24-01.)".