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093_SB1500eng
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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 Sections 17 and 37 and adding Section 13.6 as
6 follows:
7 (205 ILCS 5/13.6 new)
8 Sec. 13.6. Banks as limited liability companies. A
9 State bank may be chartered as a limited liability company,
10 may convert to a limited liability company, or may merge with
11 and into a limited liability company pursuant to the
12 applicable laws of this State and any rule promulgated by the
13 Commissioner or by the appropriate federal banking agency.
14 If federal law or the federal Office of the Comptroller of
15 the Currency authorizes a national bank to be chartered as a
16 limited liability company or to convert to or merge with a
17 limited liability company, a State bank shall be permitted
18 similar authority subject to terms and conditions that are
19 not more onerous than those applicable to the national bank.
20 (205 ILCS 5/17) (from Ch. 17, par. 324)
21 Sec. 17. Changes in charter.
22 (a) By compliance with the provisions of this Act a
23 State bank may:
24 (1) (blank);
25 (2) increase, decrease or change its capital stock,
26 whether issued or unissued, provided that in no case
27 shall the capital be diminished to the prejudice of its
28 creditors;
29 (3) provide for authorized but unissued capital
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1 stock reserved for issuance for one or more of the
2 purposes provided for in subsection (5) of Section 14
3 hereof;
4 (4) authorize preferred stock, or increase,
5 decrease or change the preferences, qualifications,
6 limitations, restrictions or special or relative rights
7 of its preferred stock, whether issued or unissued, or
8 delegate authority to its board of directors as provided
9 in subsection (d), provided that in no case shall the
10 capital be diminished to the prejudice of its creditors;
11 (5) increase, decrease or change the par value of
12 its shares of its capital stock or preferred stock,
13 whether issued or unissued, or delegate authority to its
14 board of directors as provided in subsection (d);
15 (6) (blank);
16 (7) eliminate cumulative voting rights under all or
17 specified circumstances, or eliminate voting rights
18 entirely, as to any class or classes or series of stock
19 of the bank pursuant to paragraph (3) of Section 15,
20 provided that one class of shares or series thereof shall
21 always have voting in respect to all matters in the bank,
22 and provided further that the proposal to eliminate such
23 voting rights receives the approval of the holders of 70%
24 of the outstanding shares of stock entitled to vote as
25 provided in paragraph (7) of subsection (b) of this
26 Section 17;
27 (8) increase, decrease, or change its capital stock
28 or preferred stock, whether issued or unissued, for the
29 purpose of eliminating fractional shares or avoiding the
30 issuance of fractional shares, provided that in no case
31 shall the capital be diminished to the prejudice of its
32 creditors; or
33 (9) make such other change in its charter as may be
34 authorized in this Act.
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1 (b) To effect a change or changes in a State bank's
2 charter as provided for in this Section 17:
3 (1) The board of directors shall adopt a resolution
4 setting forth the proposed amendment and directing that
5 it be submitted to a vote at a meeting of stockholders,
6 which may be either an annual or special meeting.
7 (2) If the meeting is a special meeting, written or
8 printed notice setting forth the proposed amendment or
9 summary thereof shall be given to each stockholder of
10 record entitled to vote at such meeting at least 30 days
11 before such meeting and in the manner provided in this
12 Act for the giving of notice of meetings of stockholders.
13 (3) At such special meeting, a vote of the
14 stockholders entitled to vote shall be taken on the
15 proposed amendment. Except as provided in paragraph (7)
16 of this subsection (b), the proposed amendment shall be
17 adopted upon receiving the affirmative vote of the
18 holders of at least two-thirds of the outstanding shares
19 of stock entitled to vote at such meeting, unless holders
20 of preferred stock are entitled to vote as a class in
21 respect thereof, in which event the proposed amendment
22 shall be adopted upon receiving the affirmative vote of
23 the holders of at least two-thirds of the outstanding
24 shares of each class of shares entitled to vote as a
25 class in respect thereof and of the total outstanding
26 shares entitled to vote at such meeting. Any number of
27 amendments may be submitted to the stockholders and voted
28 upon by them at one meeting. A certificate of the
29 amendment, or amendments, verified by the president, or a
30 vice-president, or the cashier, shall be filed
31 immediately in the office of the Commissioner.
32 (4) At any annual meeting without a resolution of
33 the board of directors and without a notice and prior
34 publication, as hereinabove provided, a proposition for a
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1 change in the bank's charter as provided for in this
2 Section 17 may be submitted to a vote of the stockholders
3 entitled to vote at the annual meeting, except that no
4 proposition for authorized but unissued capital stock
5 reserved for issuance for one or more of the purposes
6 provided for in subsection (5) of Section 14 hereof shall
7 be submitted without complying with the provisions of
8 said subsection. The proposed amendment shall be adopted
9 upon receiving the affirmative vote of the holders of at
10 least two-thirds of the outstanding shares of stock
11 entitled to vote at such meeting, unless holders of
12 preferred stock are entitled to vote as a class in
13 respect thereof, in which event the proposed amendment
14 shall be adopted upon receiving the affirmative vote of
15 the holders of at least two-thirds of the outstanding
16 shares of each class of shares entitled to vote as a
17 class in respect thereof and the total outstanding shares
18 entitled to vote at such meeting. A certificate of the
19 amendment, or amendments, verified by the president, or a
20 vice-president or cashier, shall be filed immediately in
21 the office of the Commissioner.
22 (5) If an amendment or amendments shall be approved
23 in writing by the Commissioner, the amendment or
24 amendments so adopted and so approved shall be
25 accomplished in accordance with the vote of the
26 stockholders. The Commissioner may impose such terms and
27 conditions on the approval of the amendment or amendments
28 as he deems necessary or appropriate. The Commissioner
29 shall revoke such approval in the event such amendment or
30 amendments are not effected within one year from the date
31 of the issuance of the Commissioner's certificate and
32 written approval except for transactions permitted under
33 subsection (5) of Section 14 of this Act.
34 (6) No amendment or amendments shall affect suits
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1 in which the bank is a party, nor affect causes of
2 action, nor affect rights of persons in any particular,
3 nor shall actions brought against such bank by its former
4 name be abated by a change of name.
5 (7) A proposal to amend the charter to eliminate
6 cumulative voting rights under all or specified
7 circumstances, or to eliminate voting rights entirely, as
8 to any class or classes or series or stock of a bank,
9 pursuant to paragraph (3) of Section 15 and paragraph (7)
10 of subsection (a) of this Section 17, shall be adopted
11 only upon such proposal receiving the approval of the
12 holders of 70% of the outstanding shares of stock
13 entitled to vote at the meeting where the proposal is
14 presented for approval, unless holders of preferred stock
15 are entitled to vote as a class in respect thereof, in
16 which event the proposed amendment shall be adopted upon
17 receiving the approval of the holders of 70% of the
18 outstanding shares of each class of shares entitled to
19 vote as a class in respect thereof and of the total
20 outstanding shares entitled to vote at the meeting where
21 the proposal is presented for approval. The proposal to
22 amend the charter pursuant to this paragraph (7) may be
23 voted upon at the annual meeting or a special meeting.
24 (8) Written or printed notice of a stockholders'
25 meeting to vote on a proposal to increase, decrease or
26 change the capital stock or preferred stock pursuant to
27 paragraph (8) of subsection (a) of this Section 17 and to
28 eliminate fractional shares or avoid the issuance of
29 fractional shares shall be given to each stockholder of
30 record entitled to vote at the meeting at least 30 days
31 before the meeting and in the manner provided in this Act
32 for the giving of notice of meetings of stockholders, and
33 shall include all of the following information:
34 (A) A statement of the purpose of the proposed
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1 reverse stock split.
2 (B) A statement of the amount of consideration
3 being offered for the bank's stock.
4 (C) A statement that the bank considers the
5 transaction fair to the stockholders, and a
6 statement of the material facts upon which this
7 belief is based.
8 (D) A statement that the bank has secured an
9 opinion from a third party with respect to the
10 fairness, from a financial point of view, of the
11 consideration to be paid, the identity and
12 qualifications of the third party, how the third
13 party was selected, and any material relationship
14 between the third party and the bank.
15 (E) A summary of the opinion including the
16 basis for and the methods of arriving at the
17 findings and any limitation imposed by the bank in
18 arriving at fair value and a statement making the
19 opinion available for reviewing or copying by any
20 stockholder.
21 (F) A statement that objecting stockholders
22 will be entitled to the fair value of those shares
23 that are voted against the charter amendment, if a
24 proper demand is made on the bank and the
25 requirements are satisfied as specified in this
26 Section.
27 If a stockholder shall file with the bank, prior to or at the
28 meeting of stockholders at which the proposed charter
29 amendment is submitted to a vote, a written objection to the
30 proposed charter amendment and shall not vote in favor
31 thereof, and if the stockholder, within 20 days after
32 receiving written notice of the date the charter amendment
33 was accomplished pursuant to paragraph (5) of subsection (a)
34 of this Section 17, shall make written demand on the bank for
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1 payment of the fair value of the stockholder's shares as of
2 the day prior to the date on which the vote was taken
3 approving the charter amendment, the bank shall pay to the
4 stockholder, upon surrender of the certificate or
5 certificates representing the stock, the fair value thereof.
6 The demand shall state the number of shares owned by the
7 objecting stockholder. The bank shall provide written notice
8 of the date on which the charter amendment was accomplished
9 to all stockholders who have filed written objections in
10 order that the objecting stockholders may know when they must
11 file written demand if they choose to do so. Any stockholder
12 failing to make demand within the 20-day period shall be
13 conclusively presumed to have consented to the charter
14 amendment and shall be bound by the terms thereof. If within
15 30 days after the date on which a charter amendment was
16 accomplished the value of the shares is agreed upon between
17 the objecting stockholders and the bank, payment therefor
18 shall be made within 90 days after the date on which the
19 charter amendment was accomplished, upon the surrender of the
20 stockholder's certificate or certificates representing the
21 shares. Upon payment of the agreed value the objecting
22 stockholder shall cease to have any interest in the shares or
23 in the bank. If within such period of 30 days the
24 stockholder and the bank do not so agree, then the objecting
25 stockholder may, within 60 days after the expiration of the
26 30-day period, file a complaint in the circuit court asking
27 for a finding and determination of the fair value of the
28 shares, and shall be entitled to judgment against the bank
29 for the amount of the fair value as of the day prior to the
30 date on which the vote was taken approving the charter
31 amendment with interest thereon to the date of the judgment.
32 The practice, procedure and judgment shall be governed by the
33 Civil Practice Law. The judgment shall be payable only upon
34 and simultaneously with the surrender to the bank of the
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1 certificate or certificates representing the shares. Upon
2 payment of the judgment, the objecting stockholder shall
3 cease to have any interest in the shares or the bank. The
4 shares may be held and disposed of by the bank. Unless the
5 objecting stockholder shall file such complaint within the
6 time herein limited, the stockholder and all persons claiming
7 under the stockholder shall be conclusively presumed to have
8 approved and ratified the charter amendment, and shall be
9 bound by the terms thereof. The right of an objecting
10 stockholder to be paid the fair value of the stockholder's
11 shares of stock as herein provided shall cease if and when
12 the bank shall abandon the charter amendment.
13 (c) The purchase and holding and later resale of
14 treasury stock of a state bank pursuant to the provisions of
15 subsection (6) of Section 14 may be accomplished without a
16 change in its charter reflecting any decrease or increase in
17 capital stock.
18 (d) A State bank may amend its charter for the purpose
19 of authorizing its board of directors to issue preferred
20 stock; to increase, decrease, or change the par value of
21 shares of its preferred stock, whether issued or unissued; or
22 to increase, decrease, or change the preferences,
23 qualifications, limitations, restrictions, or special or
24 relative rights of its preferred stock, whether issued or
25 unissued; provided that in no case shall the capital be
26 diminished to the prejudice of the bank's creditors. An
27 amendment to the bank's charter granting such authority shall
28 establish ranges, limits, or restrictions that must be
29 observed when the board exercises the discretion authorized
30 by the amendment.
31 Once such an amendment is adopted and approved as
32 provided in this subsection, and without further action by
33 the bank's stockholders, the board may exercise its delegated
34 authority by adopting a resolution specifying the actions
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1 that it is taking with respect to the preferred stock. The
2 board may fully exercise its delegated authority through one
3 resolution or it may exercise its delegated authority through
4 a series of resolutions, provided that the board's actions
5 remain at all times within the ranges, limitations, and
6 restrictions specified in the amendment to the bank's
7 charter.
8 A resolution adopted by the board under this authority
9 shall be submitted to the Commissioner for approval. The
10 Commissioner shall approve the resolution, or state any
11 objections to the resolution, within 30 days after the
12 receipt of the resolution adopted by the board. If no
13 objections are specified by the Commissioner within that time
14 frame, the resolution will be deemed to be approved by the
15 Commissioner. Once approved, the resolution shall be
16 incorporated as an addendum to the bank's charter and the
17 board may proceed to effect the changes set forth in the
18 resolution.
19 (Source: P.A. 91-322, eff. 1-1-00; 92-483, eff. 8-23-01.)
20 (205 ILCS 5/37) (from Ch. 17, par. 347)
21 Sec. 37. Loans to officers and loans on and purchases of
22 bank's own stock.
23 (1) No state bank shall make any loan or extension of
24 credit in excess of the limits, as determined by the
25 Commissioner, at any one time outstanding each to its
26 president, or to any of its vice presidents or its salaried
27 officers or employees or directors or to corporations or
28 firms, controlled by them, or in the management of which any
29 of them are actively engaged, unless such loan or extension
30 of credit shall have been first approved, by the board of
31 directors. The Commissioner shall prescribe such limits by
32 rules.
33 (2) It shall not be lawful for a state bank to make any
34 loan or discount on the security of the shares of its own
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1 capital stock or preferred stock or on the security of its
2 own debentures or evidences of debt which are either
3 convertible into capital stock or are junior or subordinate
4 in right of payment to deposit or other liabilities of the
5 bank; provided, however, that a state bank may acquire or
6 hold such shares or securities as authorized by subsection
7 (6) of Section 14 of this Act.
8 (3)(a) For purposes of this Section, "control" means (i)
9 ownership, control, or power to vote 25% or more of the
10 outstanding shares of any class of voting security of the
11 corporation or firm, directly or indirectly, or acting
12 through or in concert with one or more other persons; (ii)
13 control in any manner over the election of a majority of the
14 directors of the corporation or firm; or (iii) the power to
15 exercise a controlling influence over the management or
16 policies of the corporation or firm, directly or indirectly,
17 or acting through or in concert with one or more persons.
18 (3)(b) A person does not have the power to exercise a
19 controlling influence over the management or policies of a
20 corporation or firm solely by virtue of the person's position
21 as an officer or director of the corporation or firm.
22 (3)(c) A person is presumed to have control, including
23 the power to exercise a controlling influence over the
24 management or policies, of a corporation or firm if:
25 (i) the person:
26 (A) is an executive officer, director, or
27 individual exercising similar functions of the
28 corporation or firm; and
29 (B) directly or indirectly owns, controls, or
30 has the power to vote more than 10% of any class of
31 voting securities of the corporation or firm; or
32 (ii) (A) the person directly or indirectly owns,
33 controls, or has the power to vote more than 10% of
34 any class of voting securities of the corporation or
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1 firm; and
2 (B) no other person directly or indirectly
3 owns, controls, or has the power to vote a greater
4 percentage of that class of voting securities.
5 (3)(d) A person may rebut a presumption established
6 under subdivision (3)(c) of this Section by submitting
7 written materials that, in the Commissioner's judgment,
8 demonstrate an absence of control.
9 (Source: P.A. 92-483, eff. 8-23-01.)
10 Section 10. The Savings Bank Act is amended by adding
11 Section 1007.125 and changing Section 1008 as follows:
12 (205 ILCS 205/1007.125 new)
13 Sec. 1007.125. Limited liability company. "Limited
14 liability company" means a limited liability company
15 organized under the Limited Liability Company Act.
16 (205 ILCS 205/1008) (from Ch. 17, par. 7301-8)
17 Sec. 1008. General corporate powers.
18 (a) A savings bank operating under this Act shall be a
19 body corporate and politic and shall have all of the powers
20 conferred by this Act including, but not limited to, the
21 following powers:
22 (1) To sue and be sued, complain, and defend in its
23 corporate name and to have a common seal, which it may
24 alter or renew at pleasure.
25 (2) To obtain and maintain insurance by a deposit
26 insurance corporation as defined in this Act.
27 (3) To act as a fiscal agent for the United States,
28 the State of Illinois or any department, branch, arm, or
29 agency of the State or any unit of local government or
30 school district in the State, when duly designated for
31 that purpose, and as agent to perform reasonable
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1 functions as may be required of it.
2 (4) To become a member of or deal with any
3 corporation or agency of the United States or the State
4 of Illinois, to the extent that the agency assists in
5 furthering or facilitating its purposes or powers and to
6 that end to purchase stock or securities thereof or
7 deposit money therewith, and to comply with any other
8 conditions of membership or credit.
9 (5) To make donations in reasonable amounts for the
10 public welfare or for charitable, scientific, religious,
11 or educational purposes.
12 (6) To adopt and operate reasonable insurance,
13 bonus, profit sharing, and retirement plans for officers
14 and employees and for directors including, but not
15 limited to, advisory, honorary, and emeritus directors,
16 who are not officers or employees.
17 (7) To reject any application for membership; to
18 retire deposit accounts by enforced retirement as
19 provided in this Act and the bylaws; and to limit the
20 issuance of, or payments on, deposit accounts, subject,
21 however, to contractual obligations.
22 (8) To purchase stock in service corporations and
23 to invest in any form of indebtedness of any service
24 corporation as defined in this Act, subject to
25 regulations of the Commissioner.
26 (9) To purchase stock of a corporation whose
27 principal purpose is to operate a safe deposit company or
28 escrow service company.
29 (10) To exercise all the powers necessary to
30 qualify as a trustee or custodian under federal or State
31 law, provided that the authority to accept and execute
32 trusts is subject to the provisions of the Corporate
33 Fiduciary Act and to the supervision of those activities
34 by the Commissioner.
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1 (11) (Blank).
2 (12) To establish, maintain, and operate terminals
3 as authorized by the Electronic Fund Transfer Act.
4 (13) To pledge its assets:
5 (A) to enable it to act as agent for the sale
6 of obligations of the United States;
7 (B) to secure deposits;
8 (C) to secure deposits of money whenever
9 required by the National Bankruptcy Act;
10 (D) (blank); and
11 (E) to secure trust funds commingled with the
12 savings bank's funds, whether deposited by the
13 savings bank or an affiliate of the savings bank, as
14 required under Section 2-8 of the Corporate
15 Fiduciary Act.
16 (14) To accept for payment at a future date not to
17 exceed one year from the date of acceptance, drafts drawn
18 upon it by its customers; and to issue, advise, or
19 confirm letters of credit authorizing holders thereof to
20 draw drafts upon it or its correspondents.
21 (15) Subject to the regulations of the
22 Commissioner, to own and lease personal property acquired
23 by the savings bank at the request of a prospective
24 lessee and, upon the agreement of that person, to lease
25 the personal property.
26 (16) To establish temporary service booths at any
27 International Fair in this State that is approved by the
28 United States Department of Commerce for the duration of
29 the international fair for the purpose of providing a
30 convenient place for foreign trade customers to exchange
31 their home countries' currency into United States
32 currency or the converse. To provide temporary periodic
33 service to persons residing in a bona fide nursing home,
34 senior citizens' retirement home, or long-term care
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1 facility. These powers shall not be construed as
2 establishing a new place or change of location for the
3 savings bank providing the service booth.
4 (17) To indemnify its officers, directors,
5 employees, and agents, as authorized for corporations
6 under Section 8.75 of the Business Corporations Act of
7 1983.
8 (18) To provide data processing services to others
9 on a for-profit basis.
10 (19) To utilize any electronic technology to
11 provide customers with home banking services.
12 (20) Subject to the regulations of the
13 Commissioner, to enter into an agreement to act as a
14 surety.
15 (21) Subject to the regulations of the
16 Commissioner, to issue credit cards, extend credit
17 therewith, and otherwise engage in or participate in
18 credit card operations.
19 (22) To purchase for its own account shares of
20 stock of a bankers' bank, described in Section 13(b)(1)
21 of the Illinois Banking Act, on the same terms and
22 conditions as a bank may purchase such shares. In no
23 event shall the total amount of such stock held by a
24 savings bank in such bankers' bank exceed 10% of its
25 capital and surplus (including undivided profits) and in
26 no event shall a savings bank acquire more than 5% of any
27 class of voting securities of such bankers' bank.
28 (23) With respect to affiliate facilities:
29 (A) to conduct at affiliate facilities any of
30 the following transactions for and on behalf of any
31 affiliated depository institution, if so authorized
32 by the affiliate or affiliates: receiving deposits;
33 renewing deposits; cashing and issuing checks,
34 drafts, money orders, travelers checks, or similar
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1 instruments; changing money; receiving payments on
2 existing indebtedness; and conducting ministerial
3 functions with respect to loan applications,
4 servicing loans, and providing loan account
5 information; and
6 (B) to authorize an affiliated depository
7 institution to conduct for and on behalf of it, any
8 of the transactions listed in this subsection at one
9 or more affiliate facilities.
10 A savings bank intending to conduct or to authorize
11 an affiliated depository institution to conduct at an
12 affiliate facility any of the transactions specified in
13 this subsection shall give written notice to the
14 Commissioner at least 30 days before any such transaction
15 is conducted at an affiliate facility. All conduct under
16 this subsection shall be on terms consistent with safe
17 and sound banking practices and applicable law.
18 (24) Subject to Article XLIV of the Illinois
19 Insurance Code, to act as the agent for any fire, life,
20 or other insurance company authorized by the State of
21 Illinois, by soliciting and selling insurance and
22 collecting premiums on policies issued by such company;
23 and may receive for services so rendered such fees or
24 commissions as may be agreed upon between the said
25 savings bank and the insurance company for which it may
26 act as agent; provided, however, that no such savings
27 bank shall in any case assume or guarantee the payment of
28 any premium on insurance policies issued through its
29 agency by its principal; and provided further, that the
30 savings bank shall not guarantee the truth of any
31 statement made by an assured in filing his application
32 for insurance.
33 (25) To become a member of the Federal Home Loan
34 Bank and to have the powers granted to a savings
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1 association organized under the Illinois Savings and Loan
2 Act of 1985 or the laws of the United States, subject to
3 regulations of the Commissioner.
4 (26) To offer any product or service that is at the
5 time authorized or permitted to a bank by applicable law,
6 but subject always to the same limitations and
7 restrictions that are applicable to the bank for the
8 product or service by such applicable law and subject to
9 the applicable provisions of the Financial Institutions
10 Insurance Sales Law and rules of the Commissioner.
11 (b) If this Act or the regulations adopted under this
12 Act fail to provide specific guidance in matters of corporate
13 governance, the provisions of the Business Corporation Act of
14 1983 may be used.
15 (c) A savings bank operating under this Act may, subject
16 to rules of the Commissioner, convert to a limited liability
17 company upon an authorization by the deposit insurance
18 corporation.
19 (Source: P.A. 91-97, eff. 7-9-99; 91-357, eff. 7-29-99;
20 92-483, eff. 8-23-01.)
21 Section 15. The Limited Liability Company Act is amended
22 by changing Section 1-25 as follows:
23 (805 ILCS 180/1-25)
24 Sec. 1-25. Nature of business. A limited liability
25 company may be formed for any lawful purpose or business
26 except:
27 (1) (blank)banking, exclusive of fiduciaries
28 organized for the purpose of accepting and executing
29 trusts;
30 (2) insurance unless, for the purpose of carrying
31 on business as a member of a group including incorporated
32 and individual unincorporated underwriters, the Director
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1 of Insurance finds that the group meets the requirements
2 of subsection (3) of Section 86 of the Illinois Insurance
3 Code and the limited liability company, if insolvent, is
4 subject to liquidation by the Director of Insurance under
5 Article XIII of the Illinois Insurance Code;
6 (3) the practice of dentistry unless all the
7 members and managers are licensed as dentists under the
8 Illinois Dental Practice Act; or
9 (4) the practice of medicine unless all the
10 managers, if any, are licensed to practice medicine under
11 the Medical Practice Act of 1987 and any of the following
12 conditions apply:
13 (A) the member or members are licensed to
14 practice medicine under the Medical Practice Act of
15 1987; or
16 (B) the member or members are a registered
17 medical corporation or corporations organized
18 pursuant to the Medical Corporation Act; or
19 (C) the member or members are a professional
20 corporation organized pursuant to the Professional
21 Service Corporation Act of physicians licensed to
22 practice medicine in all its branches; or
23 (D) the member or members are a medical
24 limited liability company or companies.
25 (Source: P.A. 91-593, eff. 8-14-99; 92-144, eff. 7-24-01.)
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.
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