Illinois Compiled Statutes 205 ILCS 205/10015 – Secretary’s proceedings exclusive
Current as of: 2024 | Check for updates
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Except by the authority of the Secretary, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act, no complaint shall be filed or proceedings commenced in any court for the dissolution of, the winding up of the affairs of, or the appointment of a receiver for any savings bank on the grounds that:
(1) it is insolvent;
(2) its capital is impaired or it is otherwise in an
(1) it is insolvent;
Terms Used In Illinois Compiled Statutes 205 ILCS 205/10015
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) its capital is impaired or it is otherwise in an
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unsound condition;
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(3) its business is being conducted in an unlawful,
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fraudulent or unsafe manner;
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(4) it is unable to continue operations; or
(5) its examination has been obstructed or impaired.
(5) its examination has been obstructed or impaired.