(205 ILCS 5/62) (from Ch. 17, par. 374)
Sec. 62.
Change of receiver.
At any time, whenever two-thirds in amount of the creditors of a state
bank, after a receiver, other than the Federal Deposit Insurance
Corporation, shall have been appointed by the Commissioner, shall
petition the Commissioner for the appointment of any person nominated by
them as receiver, who is a reputable person and a resident of the county in
which such bank is located, it shall be the duty of the Commissioner to
make such appointment and all rights and duties of his predecessor shall at
once devolve upon such appointee. The Commissioner may remove any receiver
appointed by him except the Federal Deposit Insurance Corporation or such
receiver as shall have been appointed through
nomination by the creditors and such receiver may be removed by the court
upon a petition for his removal filed by the Commissioner after hearing had
upon such notice as the court may prescribe. Upon the death, inability to
act, resignation or removal of a receiver the Commissioner may appoint his
successor and upon such appointment all rights and duties of his
predecessor shall at once devolve upon such appointee.
(Source: P.A. 89-364, eff. 8-18-95.)
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