Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 205/1008

    (205 ILCS 205/1008) (from Ch. 17, par. 7301-8)
    Sec. 1008. General corporate powers.
    (a) A savings bank operating under this Act shall be a body corporate and politic and shall have all of the powers conferred by this Act including, but not limited to, the following powers:
        (1) To sue and be sued, complain, and defend in its
    
corporate name and to have a common seal, which it may alter or renew at pleasure.
        (2) To obtain and maintain insurance by a deposit
    
insurance corporation as defined in this Act.
        (3) To act as a fiscal agent for the United States,
    
the State of Illinois or any department, branch, arm, or agency of the State or any unit of local government or school district in the State, when duly designated for that purpose, and as agent to perform reasonable functions as may be required of it.
        (4) To become a member of or deal with any
    
corporation or agency of the United States or the State of Illinois, to the extent that the agency assists in furthering or facilitating its purposes or powers and to that end to purchase stock or securities thereof or deposit money therewith, and to comply with any other conditions of membership or credit.
        (5) To make donations in reasonable amounts for the
    
public welfare or for charitable, scientific, religious, or educational purposes.
        (6) To adopt and operate reasonable insurance, bonus,
    
profit sharing, and retirement plans for officers and employees and for directors including, but not limited to, advisory, honorary, and emeritus directors, who are not officers or employees.
        (7) To reject any application for membership; to
    
retire deposit accounts by enforced retirement as provided in this Act and the bylaws; and to limit the issuance of, or payments on, deposit accounts, subject, however, to contractual obligations.
        (8) To purchase stock or membership interests in
    
service corporations and to invest in any form of indebtedness of any service corporation as defined in this Act, subject to regulations of the Secretary.
        (9) To purchase stock of a corporation whose
    
principal purpose is to operate a safe deposit company or escrow service company.
        (10) To exercise all the powers necessary to qualify
    
as a trustee or custodian under federal or State law, provided that the authority to accept and execute trusts is subject to the provisions of the Corporate Fiduciary Act and to the supervision of those activities by the Secretary.
        (11) (Blank).
        (12) To establish, maintain, and operate terminals as
    
authorized by the Electronic Fund Transfer Act.
        (13) To pledge its assets:
            (A) to enable it to act as agent for the sale of
        
obligations of the United States;
            (B) to secure deposits;
            (C) to secure deposits of money whenever required
        
by the National Bankruptcy Act;
            (D) (blank); and
            (E) to secure trust funds commingled with the
        
savings bank's funds, whether deposited by the savings bank or an affiliate of the savings bank, as required under Section 2-8 of the Corporate Fiduciary Act.
        (14) To accept for payment at a future date not to
    
exceed one year from the date of acceptance, drafts drawn upon it by its customers; and to issue, advise, or confirm letters of credit authorizing holders thereof to draw drafts upon it or its correspondents.
        (15) Subject to the regulations of the Secretary, to
    
own and lease personal property acquired by the savings bank at the request of a prospective lessee and, upon the agreement of that person, to lease the personal property.
        (16) To establish temporary service booths at any
    
International Fair in this State that is approved by the United States Department of Commerce for the duration of the international fair for the purpose of providing a convenient place for foreign trade customers to exchange their home countries' currency into United States currency or the converse. To provide temporary periodic service to persons residing in a bona fide nursing home, senior citizens' retirement home, or long-term care facility. These powers shall not be construed as establishing a new place or change of location for the savings bank providing the service booth.
        (17) To indemnify its officers, directors, employees,
    
and agents, as authorized for corporations under Section 8.75 of the Business Corporations Act of 1983.
        (18) To provide data processing services to others on
    
a for-profit basis.
        (19) To utilize any electronic technology to provide
    
customers with home banking services.
        (20) Subject to the regulations of the Secretary, to
    
enter into an agreement to act as a surety.
        (21) Subject to the regulations of the Secretary, to
    
issue credit cards, extend credit therewith, and otherwise engage in or participate in credit card operations.
        (22) To purchase for its own account shares of stock
    
of a bankers' bank, described in Section 13(b)(1) of the Illinois Banking Act, on the same terms and conditions as a bank may purchase such shares. In no event shall the total amount of such stock held by a savings bank in such bankers' bank exceed 10% of its capital and surplus (including undivided profits) and in no event shall a savings bank acquire more than 5% of any class of voting securities of such bankers' bank.
        (23) With respect to affiliate facilities:
            (A) to conduct at affiliate facilities any of the
        
following transactions for and on behalf of any affiliated depository institution, if so authorized by the affiliate or affiliates: receiving deposits; renewing deposits; cashing and issuing checks, drafts, money orders, travelers checks, or similar instruments; changing money; receiving payments on existing indebtedness; and conducting ministerial functions with respect to loan applications, servicing loans, and providing loan account information; and
            (B) to authorize an affiliated depository
        
institution to conduct for and on behalf of it, any of the transactions listed in this subsection at one or more affiliate facilities.
        A savings bank intending to conduct or to authorize
    
an affiliated depository institution to conduct at an affiliate facility any of the transactions specified in this subsection shall give written notice to the Secretary at least 30 days before any such transaction is conducted at an affiliate facility. All conduct under this subsection shall be on terms consistent with safe and sound banking practices and applicable law.
        (24) Subject to Article XLIV of the Illinois
    
Insurance Code, to act as the agent for any fire, life, or other insurance company authorized by the State of Illinois, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said savings bank and the insurance company for which it may act as agent; provided, however, that no such savings bank shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal; and provided further, that the savings bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance.
        (25) To become a member of the Federal Home Loan Bank
    
and to have the powers granted to a savings association organized under the Illinois Savings and Loan Act of 1985 or the laws of the United States, subject to regulations of the Secretary.
        (26) To offer any product or service that is at the
    
time authorized or permitted to a bank by applicable law, but subject always to the same limitations and restrictions that are applicable to the bank for the product or service by such applicable law and subject to the applicable provisions of the Financial Institutions Insurance Sales Law and rules of the Secretary.
    (b) If this Act or the regulations adopted under this Act fail to provide specific guidance in matters of corporate governance, the provisions of the Business Corporation Act of 1983 may be used, or if the savings bank is a limited liability company, the provisions of the Limited Liability Company shall be used.
    (c) A savings 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 savings 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 Secretary, the provision of this Act or the rule of the Secretary shall apply.
    Any filing required to be made under the Limited Liability Company Act shall be made exclusively with the Secretary, and the Secretary shall possess the exclusive authority to regulate the savings bank as provided in this Act.
    Any organization as, conversion to, and merger with or into a limited liability company shall be subject to the prior approval of the Secretary.
    A savings bank that is a limited liability company shall be subject to all of the provisions of this Act in the same manner as a savings bank that is organized in stock form.
    The Secretary may promulgate rules to ensure that a savings bank that is a limited liability company (i) is operating in a safe and sound manner and (ii) is subject to the Secretary's authority in the same manner as a savings bank that is organized in stock form.
(Source: P.A. 97-492, eff. 1-1-12.)