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Illinois Statutes Chapter 205. Financial Regulation § 5/50. Commissioner's proceedings exclusive

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

§ 50. Commissioner's proceedings exclusive. Except by the authority of the Commissioner, represented by the Attorney General, or the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act,  1 no complaint shall be filed or proceedings commenced in any court for the dissolution or for the winding up of the affairs or for the appointment of a receiver for any state bank on the grounds:

(1) That it is insolvent; or

(2) That its capital is impaired or it is otherwise in an unsound condition; or

(3) That its business is being conducted in an unlawful, fraudulent or unsafe manner; or

(4) That it is unable to continue operations; or

(5) That its examination has been obstructed or impaired.

1 12 U.S.C.A. § 1811 et seq.
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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 5/50. Commissioner's proceedings exclusive - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-5-50/

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