Illinois Code § 8010

§ 8010.

Procedure to effect sale of all assets. (a) The procedure to effect a sale authorized by Section 8009 of this Act shall be as follows: (1) The board of directors shall adopt a resolution setting forth the terms of the proposed sale and shall submit the plan to the Secretary for his preliminary approval. Upon receipt of approval by the Secretary, the plan shall be submitted to a vote of the members at a special or annual meeting. (2) The terms shall be set forth in the notice of the meeting as prescribed in subsection (b) of Section 4003 of this Act. (3) The proposed sale will be approved by the members or stockholders upon receiving in the affirmative two-thirds or more of the total number of votes that all members or stockholders of the savings bank are entitled to cast. A proposal for the voluntary liquidation of the savings bank may be submitted to the members or stockholders at the same meeting or at any later meeting called for that purpose in accordance with Article 4 of this Act. A report of proceedings, certified by the president or vice president and attested by the secretary of the savings bank, setting forth the terms of the proposed sale, the notice given and the time of its mailing, the vote on the proposal, and the total number of votes that all members or stockholders of the savings bank are entitled to cast, shall be filed with the Secretary. (b) If the Secretary finds that the proposed sale is fair to all holders of capital, creditors, and other persons concerned and provision has been made for the disposition of the remaining assets, if any, of the savings bank, as provided in this Act for voluntary liquidation, he shall issue to the savings bank a certificate of authorization for the sale with a copy of the filed report of proceedings attached to the certificate. (c) When the Secretary's certificate is issued, the savings bank may complete the sale so authorized; except that the savings bank must also have the approval of the Federal Deposit Insurance Corporation. (d) If the sale includes the name of the savings bank, the purchaser shall have the exclusive right to that name for a period of 5 years. (Source: P.A. 97-492, eff. 1-1-12.)