Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 5/51

(205 ILCS 5/51) (from Ch. 17, par. 363)

Sec. 51. Capital impairment, etc.; correction.

(a) If the Commissioner with respect to a State bank shall find:

(1) its capital is impaired or it is otherwise in an

unsound condition; or

(2) its business is being conducted in an unlawful,

including, without limitation, in violation of any provisions of State or federal law, or in a fraudulent or unsafe manner; or

(3) it is unable to continue operations; or

(4) its examination has been obstructed or impeded;

or

(5) that losses have occurred or are likely to occur

that have or will deplete all or substantially all of the State bank's capital;

the Commissioner may
give notice to the board of directors of his or her finding or findings. If the
situation so found by the Commissioner shall not be corrected to his
satisfaction within a period of at least 60 but no more than 180
 days after receipt of such notice, which period shall
be determined by the Commissioner and set forth in the notice, the
Commissioner at the termination of said period may take possession
and control of the bank and its assets as in this Act provided for the
purpose of examination, reorganization or liquidation through receivership.

(b) If the Commissioner
has
given notice to the board of directors of his findings, as provided in
subsection (a),
and the time period prescribed in that notice has expired, the Commissioner may
extend the time period prescribed in that notice for such period as the
Commissioner
deems appropriate.

(Source: P.A. 96-1365, eff. 7-28-10.)