Illinois § 4001
Full text of Illinois Illinois Compiled Statutes § 4001, with citation guidance and answers to common questions.
§ 4001.
Members. (a) The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank. (b) The members of a stock savings bank shall be only the owners of its capital stock. Jointly owned stock shall constitute one membership. (c) Any savings bank that had legal existence under another statute prior to the date of this Act and which, if it was a mutual, included borrowers as members or, if its ownership was evidenced by stock, included borrowers and depositors as members, or as non-voting members, may retain that membership structure by resolution of its board of directors to be included in its application for a savings bank charter under this Act. Otherwise, borrowers may not be members of a savings bank operating under this Act, and only mutual savings banks may include depositors as members. (d) Joint ownership of an account constitutes one membership. (Source: P.A. 86-1213; 87-498.)
Frequently Asked Questions About Illinois § 4001
What does Illinois Compiled Statutes § 4001 cover?
Section 4001 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 4001?
A common citation format is "Illinois Compiled Statutes § 4001" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 4001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.