Indemnification out-of Directors and you will Officers Bank may, during the pursuance of the liberties because the a creditor, enable indemnification from a financial personnel whom serves as a good director out of a borrower corporation undergoing a section X reorganization. OCC Interpretive Page dated August dos, 1977 [1978-1979 Import Binder] Provided. Financial L. Rep. (CCH) 85,002. Select together with OBRE Interpretive Page 91-16 (July a dozen, 1991).
Area 5(19) of your own Illinois Banking Work [205 ILCS 5/5(19)]; OBRE Interpretive Letter 91-sixteen (; OCC Interpretive Page 404 [1988-1989 Transfer Binder] Given. Financial L. Representative. (CCH) 85,628, 1987 WL 149902 (February 5, 1987). Look for and additionally Area 39(b) of Illinois Banking Act [205 ILCS 5/39(b)] (County bank’s constitution could possibly get restriction individual accountability of directors).
OCC Banking Circular 61 [1973-1978 Import $255 payday loans online same day Alabama Binder] Given. Banking L. Agent. (CCH) 196,445 (January twenty seven, 1975); OCC Interpretive Page 302 [1985-1987 Import Binder] Given. Financial L. Representative. (CCH) 85,472, 1984 WL 63809 (undated).
Private Later years Accounts (“IRAs”) Financial rather than trust powers can get play the role of IRA custodian if the personal advancing years membership fund take place for the offers or date deposit levels
Industrial Development Funds Bonds – Get and you will Sale out of Financial ent revenue securities because of its very own membership. OCC Interpretive Page 174 [1981-1982 Transfer Binder] Provided. Banking L. Agent. (CCH) 85,255, 1980 WL, 48448, 1980 LEXIS step three (December sixteen, 1980). Discover as well as OBRE Interpretive Page 93-twenty-two (Oct twenty eight, 1993).
Insurance rates Ordered to cover Deferred Compensation Plan Condition bank may establish good deferred compensation policy for the main benefit of elder financial officers and you can fund the plan that have term life insurance deals in the place of reference to resource restrictions
Recommendations Analysis and you can Delivery Characteristics Bank’s part could possibly get act as general spouse when you look at the a joint venture taking advice research and you can delivery properties. Requirements having part because the standard spouse established with respect to certain ties. OCC Interpretive Letter 516 [1990-1991 Import Binder] Provided. Banking L. Associate. (CCH) 83,220, 1990 WL 364902, 1990 LEXIS 33 (July a dozen, 1990).
Insurance – Becoming Finder getting Insurers Bank could possibly get play the role of an effective “finder” to have insurance agencies or service companies for its users. Banking institutions can perform referral and you may clerical features towards income out-of homeowners’ insurance rates so you’re able to their home mortgage users, because this is tantamount so you can acting as an effective finder. OCC Interpretive Letter 566 [1991-1992 Transfer Binder] Provided. Banking L. Rep. (CCH) 83,320, 1991 WL, 340663 (undated); OCC Interpretive Page 472 [1989-1990 Transfer Binder] Provided. Banking L. Representative. (CCH) 83,008, 1989 WL 303688, 1989 LEXIS 21 (March dos, 1989). Look for and additionally Post XLIV of the Illinois Insurance coverage Code [215 ILCS 5/1400 ainsi que seq.].
Insurance rates Factors County lender otherwise its part may do insurance policies items while the a registered corporation, and you may employees of State financial or subsidiary could be registered insurance rates providers. Part 5(24) of Illinois Financial Operate [205 ILCS 5/5(24)]; Post XLIV of the Illinois Insurance rates Code [215 ILCS 5/1400 et seq.].
Insurance policies Agreements to possess Financial Aim Bank can get buy insurance contracts to have particular genuine insurance rates intentions not to possess financing aim. OBRE Interpretive Page ninety-19 (Sep 14, 1990). Select and additionally OBRE Interpretive Letter 95-02 (April 19, 1995), OBRE Interpretive Letter 91-08 (April 11, 1991), OBRE Interpretive Page 90-13 (August 8, 1990).
Insurance coverage, Pick Financial can offer, since the representative, harvest insurance rates (we.e. multiple peril collect insurance rates and you will hail/flames insurance) to the loans so you’re able to its farmer customers. OCC Interpretive Page 812 (December 31, 1997).
Insurance rates of Personal Dumps More $100,000 Bank can get get an insurance coverage organization’s surety bond so you’re able to guarantee private places more than $100,000. OCC Interpretive Letter 323 [19851987 Transfer Binder] Given. Banking L. Agent. (CCH) 85,493, 1985 WL 73150, 1985 LEXIS twenty-two (January 8, 1985).
