(205 ILCS 205/11002) (from Ch. 17, par. 7311-2)
Sec. 11002.
Cease and desist orders; books and records.
(a) If the notice of charges and orders under Section 11001
specifies that the books
and records of a savings bank are so incomplete and inaccurate that the
Commissioner is unable to determine the financial condition of the savings
bank or unable to determine the nature, details, or purpose of any
transaction that may have a material effect on the savings bank's financial
condition, then the Commissioner shall issue an order that shall be
immediately effective requiring:
(1) Specific, affirmative steps to restore, |
| reconstruct, or adjust the books and records to accuracy and compliance.
|
|
(2) Rescission or cessation of transactions or
|
| activities that led to the incomplete or inaccurate condition of the books and records.
|
|
(3) The establishment of reserves for any losses that
|
| the Commissioner finds were incurred due to the condition of the books and records.
|
|
(b) Orders under this Section shall be effective until the
Commissioner's examination determines that the condition has been
corrected.
(Source: P.A. 86-1213.)
|