(205 ILCS 205/2001.35) (from Ch. 17, par. 7302-1.35)
Sec. 2001.35.
(a) "Control" shall mean
either ownership of stock, or the power to vote and dispose of stock in a
manner that directly or indirectly causes changes in savings bank
management, ownership, structure, or policies. Any change in ownership of
stock, or of rights related to stock, that would result in direct or
indirect ownership of 20%, or of a lesser amount that would entitle the
holder to elect one director shall be presumed to be a change of control.
Any change in ownership must be approved by the Commissioner.
(b) Notwithstanding the provisions of this Section, the Commissioner may
define "control" by rule and regulation, in a manner to ensure uniformity
with federal law, regulation, and usage.
(Source: P.A. 86-1213.)
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