Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 5/52

(205 ILCS 5/52) (from Ch. 17, par. 364)

Sec. 52. Capital impairment, etc.; emergency.

If, in addition to a finding as provided in Section 51, the
Commissioner shall be of the opinion and shall find that an emergency
exists which may result in the inability of the bank to continue in its operations, meet the demands of its depositors, or pay its obligations in the normal course of business, he may, in his
discretion, without having given the notice provided for in Section 51, and
whether or not proceedings under Section 51 have been instituted or are
then pending, forthwith take possession and control of the bank and its
assets for the purpose of examination, reorganization or liquidation
through receivership. For purposes of this Section, an emergency includes, but is not limited to, when the bank is in an unsafe or unsound condition that precludes continued operations or when the interests of the bank's depositors are prejudiced.

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