Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 205/4008

(205 ILCS 205/4008) (from Ch. 17, par. 7304-8)

Sec. 4008. Directors.

The business and affairs of the savings bank shall
be exercised by its elected board of directors. The board of directors
shall consist of the number of directors fixed by the bylaws, but shall not
be fewer than 5. No more than 40% of the directors shall be salaried
employees of the savings bank, except that a higher percentage may be allowed
with the prior written approval of the Commissioner.

(Source: P.A. 98-1081, eff. 1-1-15.)