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(205 ILCS 5/21.1)
Sec. 21.1.
Application for certificate of authority.
(a) On or after June 1, 1997, an out-of-state bank may merge with a State bank after executing and
filing not less than 60 days before the proposed
effective date of
the merger an application therefor with the Commissioner and after also
filing with the Commissioner a copy of its charter, articles of
association or articles of
incorporation, and all amendments thereto, duly authenticated by the proper
officer of the state wherein it
is chartered or incorporated and the last quarterly statement of condition
filed by the out-of-state bank with the appropriate federal banking regulator.
The Commissioner shall specify the form of the application which shall set
forth, to the extent applicable, the same information required in an
application by a foreign corporation pursuant to Section 13.15 of the Business
Corporation Act of 1983.
Subject to Sections 21.2 and 21.3 of this Act, receipt by the Commissioner of
a copy of an application filed with and approved by the out-of-state bank's
chartering authority authorizing the out-of-state bank to merge with a State
bank shall satisfy the filing requirements of this subsection (a).
When the provisions of this Section have been complied with, the
Commissioner shall issue a certificate of authority to merge. If the merger is
not consummated within one year, the Commissioner may cancel the certificate of
authority.
(b) An out-of-state bank that is the resulting bank in a merger with a State
bank may, after the merger, establish and maintain a branch or branches in
Illinois at the locations where the State bank had its main office and branches
immediately before the merger.
(c) An out-of-state bank that establishes and maintains a branch or branches
in Illinois pursuant to subsection (b) of this Section may, after the merger,
establish and maintain additional branches in this State to the same extent as
a State bank.
(d) A branch of an out-of-state bank may not conduct any activity that is
not authorized for a State bank.
(e) An out-of-state bank shall provide written notice to the Commissioner of
its intent to establish an additional branch or branches in this State within
30 days after approval of the appropriate federal banking agency to establish
the branch or branches. The notice form
shall be specified by the Commissioner and may include any of the
information required for a similar notice by a State bank.
Receipt by the Commissioner of notice of the out-of-state bank's intent to
establish such additional branch or branches in this State from the
out-of-state bank's chartering authority shall satisfy the requirements of this
subsection (e).
(Source: P.A. 89-208, eff. 9-29-95; 90-665, eff. 7-30-98.)
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