Illinois Code § 4001
Illinois Code § 4001. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 4001.
Members. (a) The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank. (b) The members of a stock savings bank shall be only the owners of its capital stock. Jointly owned stock shall constitute one membership. (c) Any savings bank that had legal existence under another statute prior to the date of this Act and which, if it was a mutual, included borrowers as members or, if its ownership was evidenced by stock, included borrowers and depositors as members, or as non-voting members, may retain that membership structure by resolution of its board of directors to be included in its application for a savings bank charter under this Act. Otherwise, borrowers may not be members of a savings bank operating under this Act, and only mutual savings banks may include depositors as members. (d) Joint ownership of an account constitutes one membership. (Source: P.A. 86-1213; 87-498.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 4001
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 4001?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 4001 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 4001 still in force?
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