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Can you summarize 38 ILAC Chapter II, Part 1075, Subpart 1075?
SAVINGS BANK ACT > SAVINGS BANK HOLDING COMPANIES
Short Summary
The provided legal document content covers various aspects related to savings bank holding companies. It includes provisions for the conversion of mutual holding companies to capital stock holding companies, maintenance of records for holding companies and their subsidiary entities, limitations and waivers related to dividends for subsidiary savings banks, converted mutual savings banks, and mutual holding companies, acquisition and disposal of subsidiaries, formation of resulting savings bank of a mutual holding company, stock issuance plan for reorganizing savings banks and mutual holding companies, directors of a Mutual Holding Company, establishment of a ’liquidation account’ for members of the mutual savings bank before conversion, definitions for various terms used in the Savings Bank Act and Savings Bank Holding Companies, and reorganization of mutual savings banks into mutual holding companies or their participation in mutual holding company reorganizations. These documents apply to various entities such as mutual holding companies, capital stock holding companies, subsidiary savings banks, converted mutual savings banks, mutual savings banks, stock depository institutions, stock depository institution holding companies, stock holding companies, reorganizing savings banks, acquiree savings banks, pre-existing depository institutions, members of the resulting savings bank, acquiree savings bank, and any savings banks in the mutual form when acquired, depositors in the resulting savings bank, an acquiree savings bank, and any savings banks in the mutual form when acquired, organization directors of the holding company, subsidiaries’ and holding companies’ books and records, licensed public accountants, officers and organization directors of the holding company, governmental agencies, management personnel of the holding company, and the Director. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Mutual holding companies, capital stock holding companies, subsidiary savings banks, converted mutual savings banks, mutual savings banks, stock depository institutions, stock depository institution holding companies, stock holding companies, reorganizing savings banks, acquiree savings banks, pre-existing depository institutions, members of the resulting savings bank, acquiree savings bank, and any savings banks in the mutual form when acquired, depositors in the resulting savings bank, an acquiree savings bank, and any savings banks in the mutual form when acquired, organization directors of the holding company, subsidiaries' and holding companies' books and records, licensed public accountants, officers and organization directors of the holding company, governmental agencies, management personnel of the holding company, Director
What does it govern?
Conversion of mutual holding companies to capital stock holding companies, maintenance of records for holding companies and their subsidiary entities, limitations and waivers related to dividends for subsidiary savings banks, converted mutual savings banks, and mutual holding companies, acquisition and disposal of subsidiaries, formation of resulting savings bank of a mutual holding company, stock issuance plan for reorganizing savings banks and mutual holding companies, directors of a Mutual Holding Company, establishment of a 'liquidation account' for members of the mutual savings bank before conversion, definitions for various terms used in the Savings Bank Act and Savings Bank Holding Companies, reorganization of mutual savings banks into mutual holding companies or their participation in mutual holding company reorganizations
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Illinois