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Illinois Statutes Chapter 205. Financial Regulation § 205/8002.1. Procedure to amend articles of incorporation for name change

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 8002.1. Procedure to amend articles of incorporation for name change.

(a) Notwithstanding the requirements of Section 8002 of this Act, a savings bank, after commencing business, may amend its articles of incorporation solely for purposes of changing the name of the savings bank, upon satisfactory completion of the following requirements:

(1) Submission by the board of directors of a certified resolution approving the proposed name change and approving a plan for notifying all parties who may be affected by the change, including, but not limited to members, account holders, borrowers, creditors, and parties to whom or with whom commitments of any type are pending.

(2) The new name, as determined by the Secretary, meets the requirements for names under this Act or rules established by the Secretary.

On satisfactory completion of these requirements, the Secretary shall issue an approved amendment to the articles of incorporation as provided for in subsection (c) of Section 8002 of this Act.

(b) No amendment of the articles of incorporation to change the name of a savings bank shall affect any existing cause of action either in favor of or against the savings bank or any pending action in which the savings bank shall be a party, nor shall it affect the existing rights of persons other than members of the savings bank. No action brought by or against the savings bank under its former name shall be abated by reason of the change.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 205/8002.1. Procedure to amend articles of incorporation for name change - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-205-8002-1/

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