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(205 ILCS 5/10)
(from Ch. 17, par. 317)
Permit to organize.
(a) Upon the filing of an application for a
permit to organize, the Commissioner shall investigate the truth of the
statements therein and shall consider the proposed bank's capital
structure, its future earnings prospects, the general character, experience,
and qualifications of its
proposed management, its proposed plan of operation, and the
and needs of the area sought to be
served, and notwithstanding the provisions of Section 7 of this Act, the
Commissioner shall not approve the application and issue a permit to
organize unless he shall be of the opinion and finds:
(1) that the proposed capital at least meets the
minimum requirements of this Act determined by the Commissioner pursuant to Section 7 of this Act including additional capital necessitated by the circumstances of the proposed bank including its size, scope of operations and market in which it proposes to operate;
(2) that the future earnings prospects are favorable;
(3) that the general character, experience, and
qualifications of its proposed management and its proposed plan of operation are such as to assure reasonable promise of successful, safe and sound operation;
(4) that the name of the proposed bank is not the
same as or deceptively similar to a name reserved with the Commissioner's office under Section 9.5 or to the name of any other bank then operating in this State; and
(5) that the convenience and needs of the area sought
to be served by the proposed bank will be promoted.
(b) The Commissioner shall revoke the permit to organize and order
of any funds collected in the event that the organizers do not obtain a
the Commissioner authorizing the bank to commence business within 6 months
from the date of the issuance of the permit, unless a request has been
in writing, to the Commissioner for an extension and the request has been
(c) The Commissioner may impose such terms and conditions, if any, on the
issuance of the permit to organize as the Commissioner deems appropriate and
for the organization of the bank.
(Source: P.A. 91-452, eff. 1-1-00; 92-483, eff. 8-23-01.)