(205 ILCS 205/5005) (from Ch. 17, par. 7305-5)
Sec. 5005.
Retirement or reduction of capital stock.
(a) The board of directors of a savings bank operating with
capital stock may propose an amendment to the articles of
incorporation providing for the retirement of all of the capital
stock and a detailed plan for effectuating the amendment. The
resulting capital of the savings bank shall be not less than the
minimum initial capital that the savings bank, if it were being
organized, would be required to have by the Commissioner under this
Act. The proposal shall be submitted to the Commissioner for his
approval.
(b) If the Commissioner approves the proposal, the savings
bank's board of directors may request in writing an appraisal of
the value of the capital stock, and the Commissioner then shall
cause an appraisal to be made at the expense of the savings
bank.
(c) The proposal then shall be submitted to the shareholders
at an annual or special meeting. It shall be adopted upon
receiving in the affirmative the votes of the holders of two-thirds or
more of the outstanding shares of capital stock. The proposal
takes effect upon completion of the procedure provided in this Act
for the amendment of articles of incorporation.
(d) A savings bank may amend its articles of incorporation
in accordance with the procedure provided in this Act for those
amendments to reduce its capital stock, but in no event to an
amount that is less than the minimum capital stock that the
savings bank would be required by this Act to issue if it were
newly authorized to issue capital stock.
(Source: P.A. 86-1213.)
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