(205 ILCS 5/26) (from Ch. 17, par. 333)
Sec. 26.
Converting national banks or insured savings association;
issuance of charter to resulting State bank.
After receipt by the Commissioner of the papers specified in Section
25, he shall approve or disapprove the plan of conversion. The
Commissioner shall not approve the plan of conversion unless he shall be of
the opinion and finds:
(a) That the resulting bank meets the requirements of this Act for the
formation of a new bank at the proposed place of business of the resulting
bank;
(b) That the same matters exist in respect of the resulting bank which
would have been required under Section 10 of this Act for the
organization of a new bank; and
(c) That the plan of conversion is fair to all persons affected.
If the Commissioner disapproves the plan of conversion, he shall state
his objections in writing and give an opportunity to the converting bank or
insured savings association to
amend the plan of conversion to obviate such objections. The conversion,
unless a later date is specified in the plan of conversion, shall become
effective upon the Commissioner's approval and the charter proposed in the
plan of conversion shall constitute the charter. The Commissioner shall
issue a certificate of conversion which shall specify the name of the
converting bank or insured savings association, the name of the resulting
bank, and the charter provided
for by said plan of conversion. Such certificate shall be conclusive
evidence of the conversion and of the correctness of all proceedings
therefor in all courts and places, and such certificate shall be recorded.
(Source: P.A. 89-567, eff. 7-26-96.)
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