(a) A financial institution approved as a State depository shall cease to be an approved depository financial institution, and shall be disqualified by the State Treasurer:
         (1) Upon its failure to post a suitable bond or
    
deposit assets or securities with the State Treasurer;
        (2) Upon its failure or refusal to pay over public
    
moneys or any part thereof;
        (3) Upon its becoming insolvent or bankrupt, or being
    
placed in the hands of a receiver; or
        (4) Upon a showing of unsatisfactory financial
    
condition through a report made to, or an examination made by any regulatory or licensing body.
    (b) No approved depository shall be disqualified by the State Treasurer solely by reason of its acquisition by another institution, unless the acquiring institution does not meet the criteria established by the State Treasurer.

Terms Used In Illinois Compiled Statutes 15 ILCS 520/15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

     (c) An approved depository may be disqualified by the State Treasurer, in his or her sole discretion, for violating the terms of the deposit agreement or any contract or agreement with the State Treasurer.
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