§1075.1415. Adopting and Filing of a Conversion Plan

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a)         The board of directors of an existing depository institution desiring to convert in accordance with this Part shall adopt a conversion plan at a meeting of the board of directors.

b)         Upon the adoption of the conversion plan as provided in subsection (a), an existing depository institution shall file with the Director 3 copies of the application for approval of a Plan of Conversion, which shall include the conversion plan and each document required to be part of the conversion plan. The application shall be in the form required by the Director.

c)         An application for approval of a conversion plan shall be on forms prescribed by the Director.

(Source: Amended at 30 Ill. Reg. 19068, effective December 1, 2006)

                    
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