SB 2885 — STATE BANK-BOARD

*LRB10018302XWW33507b* SB2885 100THEngrossed GENERALLRB100 ASSEMBLY18302 StateXWW of33507 Illinoisb andAN 2018ACT SB2885concerning Introducedregulation. 2/14/2018, by Sen.

Chris Nybo SYNOPSIS AS INTRODUCED:

ILCS 5/16 from Ch.

17, par.

323 ILCS 5/35 from Ch.

17, par.

343 ILCS 5/80.5 new Amends the Illinois Banking Act.

Provides that a State bank that has been in existence for 10 years or more and has less than $50,000,000 (rather than $20,000,000) in assets may have a minimum of 3 directors.

Extends the exemptions from loan and investment limits described in specified provisions of this Act to any department, bureau, board, commission, or establishment of the United States, including any corporation wholly owned by the United States.

Provides that the Secretary shall provide information relating to the prior fiscal year upon the request of the State Banking Board.

LRB100 18302 XWW 33507 b A BILL FOR SB2885 LRB100 18302 XWW 33507 b AN ACT concerning regulation.

(2) (a) Notwithstanding the provisions of any charter heretofore or hereafter issued, the number of directors, not fewer than 5 nor more than 25, may be fixed from time to time by the stockholders at any meeting of the stockholders called for the purpose of electing directors or changing the number thereof by the affirmative vote of at least two-thirds of the outstanding stock entitled to vote at the meeting, and the number so fixed shall be the board regardless of vacancies until the number of directors SB2885 Engrossed - 2 - LRB100 18302 XWW 33507 b is thereafter changed by similar action.

The term of office of directors of the first class shall expire at the first annual meeting of the stockholders after their election, that of the second class shall expire at the second annual SB2885 Engrossed - 3 - LRB100 18302 XWW 33507 b meeting after their election, and that of the third class, if any, shall expire at the third annual meeting after their election.

A special meeting of the board of directors may also be held upon call by the Commissioner or a bank examiner appointed under the provisions of this Act upon not less than 12 hours notice of the meeting by personal service of the notice or by mailing the SB2885 Engrossed - 4 - LRB100 18302 XWW 33507 b notice to each of the directors at his residence as shown by the books of the bank.

(7) (a) In discharging the duties of their respective positions, the board of directors, committees of the board, and individual directors may, in considering the best long term and short term interests of the bank, consider the SB2885 Engrossed - 5 - LRB100 18302 XWW 33507 b effects of any action (including, without limitation, action that may involve or relate to a merger or potential merger or to a change or potential change in control of the bank) upon employees, depositors, suppliers, and customers of the corporation or its subsidiaries, communities in which the main banking premises, branches, offices, or other establishments of the bank or its subsidiaries are located, and all pertinent factors.

SB2885 Engrossed - 6 - LRB100 18302 XWW 33507 b (Source:

(3) Obligations of any corporation wholly owned, directly or indirectly, by the United States or of any agency or SB2885 Engrossed - 7 - LRB100 18302 XWW 33507 b instrumentality of the United States.

8-1-97.) SB2885 Engrossed - 8 - LRB100 18302 XWW 33507 b (205 ILCS 5/80.5 new) Sec.