(205 ILCS 620/1-3) (from Ch. 17, par. 1551-3)
Sec. 1-3.
Scope of Act; application to national banks,
federally chartered savings and loan associations or federally
chartered savings banks. After January 1, 1988, no national bank
chartered by the Comptroller of the Currency and having its main office
in Illinois or federal savings
and loan association or federal savings bank chartered by the
Federal Home Loan Bank Board and having its main office in Illinois
shall be required to obtain a
certificate of authority under this Act or in any manner submit
to the regulation or supervision pursuant to this Act, but such
national bank, federal savings and loan association or federal
savings bank shall only be required to obtain the authority to
accept and execute trusts from the particular federal agency
which granted its charter, to be exempt from the provisions of
this Act.
Nothing in this Section 1-3 shall exempt national banks, federal savings
and loan associations or federal savings banks whose main offices are
located outside of Illinois from compliance with the provisions of Article
IV of this Act.
On January 1, 1988, any certificate of authority which has
been issued under the provisions of this Act to a national bank,
federally chartered savings and loan association or federally
chartered savings bank in Illinois shall expire and be of no
further force and effect and upon the request of the
Commissioner, shall be surrendered.
After January 1, 1988, a State bank that has a
certificate
of authority under this Act and proposes to convert to a
national bank and a State chartered savings and loan association
and a State chartered savings bank that has a certificate of authority under
this Act and proposes to convert to a federally chartered savings
and
loan association or federally chartered savings bank, shall
notify the Commissioner of such fact and upon obtaining its
charter from the relevant federal regulator, shall surrender its
certificate of authority issued pursuant to this Act.
(Source: P.A. 91-97, eff. 7-9-99.)
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