(205 ILCS 5/21) (from Ch. 17, par. 328)
Sec. 21.
Resulting State bank.
(a) Upon approval by the Commissioner, banks may be merged to result in a
State bank, and a national bank or insured savings association
may
convert
into a State bank as prescribed
by this Act, except that the action by a national bank or an insured savings
association shall be taken in
the manner prescribed by and shall be subject to limitations and
requirements imposed by the law of the United States or the laws of the State
of Illinois, which shall also
govern the rights of its dissenting stockholders.
(b) Upon approval by the Commissioner, a State bank may be merged with
an insured savings association resulting in a State bank except that the
merger of an insured savings association shall be in the manner
prescribed by and shall be subject to limitations and requirements imposed
by the laws of the State of Illinois, including this Act, and the laws of
the United States.
(c) On or after June 1, 1997, a State bank, the deposits of which are
insured by the Federal Deposit Insurance Corporation, may merge with an
out-of-state
bank. When the resulting bank will be a State bank, the merger shall be
subject to the provisions and requirements of this Act. When the resulting
bank will be an out-of-state bank, the merger shall be in the manner prescribed
by and shall be subject to the limitations and requirements imposed by the laws
of the other State, except that if the laws of the other state do not provide
rights for dissenting shareholders that are comparable to those provided by
Section 29 of this Act, then the rights of the dissenting stockholders of
the State bank shall be governed by Section 29 of this Act.
(Source: P.A. 89-208, eff. 9-29-95; 89-567, eff. 7-26-96.)
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