HB 2861

Abstract

Amends the Illinois Banking Act. Provides that a State bank may amend its charter for the purpose of authorizing its board of directors to issue preferred stock; to increase, decrease, or change the par value of shares of its preferred stock; to increase, decrease, or change the preferences, qualifications, limitations, restrictions, or special or relative rights of its preferred stock, provided that the bank's capital is not diminished to the prejudice of the bank's creditors. Provides that once such an amendment is adopted and approved, the board may exercise its delegated authority by adopting a resolution specifying the actions it is taking with respect to the preferred stock. Provides that the board must submit its resolution to the Commissioner of Banks and Real Estate, who shall approve the resolution or state his or her objections to the resolution. Provides that, once a resolution is approved, it shall be incorporated as an addendum to the bank's charter. Effective immediately.