093_SB0854

 
                                     LRB093 03110 JLS 03127 b

 1        AN ACT concerning financial regulation.

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

 4        Section 5.  The Savings and Loan Share and Account Act is
 5    amended by changing Section 2 as follows:

 6        (205 ILCS 115/2) (from Ch. 17, par. 3602)
 7        Sec.  2.  Joint  ownership  of accounts.  Any savings and
 8    loan or  Federal  savings  and  loan  association  may  issue
 9    shares,  share  accounts  or accounts in the joint names of 2
10    two or more persons or their survivor, in which event any  of
11    such  persons  shall have power to act in all matters related
12    to such shares, share accounts or accounts whether the  other
13    person  or  persons  named  in such shares, share accounts or
14    accounts be living or not. Such a joint account shall  create
15    a  single  membership in any such association. The repurchase
16    or redemption or withdrawal value of shares,  share  accounts
17    or  accounts issued in joint names, and dividends thereon, or
18    other rights relating thereto, may be paid or  delivered,  in
19    whole  or  in part, to any of such persons, whether the other
20    person or persons be living or not. The payment  or  delivery
21    to any such person, or a receipt or acquittance signed by any
22    such person, to whom any such payment or any such delivery of
23    rights  is  made, shall be a valid and sufficient release and
24    discharge of any such association for the payment or delivery
25    so made.
26    (Source: Laws 1939, p. 478.)