Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 5/13.6

(205 ILCS 5/13.6)

Sec. 13.6.

Banks as limited liability companies.

(a) A bank may be organized as a limited liability company, may convert to a
limited liability company, or may merge with and into a limited liability
company under
the applicable laws of this State and of the United States, including any rules
promulgated thereunder. A bank organized as a limited liability company shall
be subject
to the provisions of the Limited Liability Company Act in addition to this Act,
provided that if a provision of the Limited Liability Company Act
conflicts with a provision of this Act or with any rule of the Commissioner,
the provision of this Act or the rule of the Commissioner shall apply.

(b) Any filing required to be made under the Limited Liability Company Act
shall be made exclusively with the Commissioner, and the Commissioner shall
possess the exclusive authority to regulate the bank as provided in this Act.

(c) Any organization as, conversion to, and merger with or into a limited
liability company shall be subject to the prior approval of the Commissioner.

(d) A bank that is a limited liability company shall be subject to all of the
provisions of this Act in the same manner as a bank that is organized
in stock form.

(e) The Commissioner may promulgate rules to ensure that a bank that is a
limited liability company (i) is operating in a safe and sound manner and (ii)
is subject to the Commissioner's authority in the same manner as a bank that is
organized in stock form.

(Source: P.A. 93-561, eff. 1-1-04.)