Indemnification out-of Directors and you may Officers Lender may, in pursuance of their legal rights because the a creditor, allow for indemnification from a bank staff member just who functions as an effective director out-of a debtor company in the process of a section X reorganization. OCC Interpretive Page old August dos, 1977 [1978-1979 Transfer Binder] Given. Banking L. Agent. (CCH) 85,002. Discover along with OBRE Interpretive Letter 91-sixteen (July twelve, 1991).
Part 5(19) of the Illinois Banking Act [205 ILCS 5/5(19)]; OBRE Interpretive Letter 91-sixteen (; OCC Interpretive Page 404 [1988-1989 Import Binder] Provided. Banking L. Associate. (CCH) 85,628, 1987 WL 149902 (March 5, 1987). Pick in addition to Area 39(b) of your Illinois Financial Work [205 ILCS 5/39(b)] (County bank’s rental can get maximum private liability regarding directors).
OCC Banking Round 61 [1973-1978 Transfer Binder] Provided. Financial L. Rep. (CCH) 196,445 (January 27, 1975); OCC Interpretive Letter 302 [1985-1987 Transfer Binder] Given. Financial L. Associate. (CCH) 85,472, 1984 WL 63809 (undated).
Individual Old-age Membership (“IRAs”) Bank without trust powers could possibly get try to be IRA caretaker if for example the personal retirement account finance are held in savings otherwise date deposit accounts
Industrial Development Cash Securities – Get and you may Selling away from Lender ent money bonds because of its individual membership. OCC Interpretive Page 174 [1981-1982 Transfer Binder] Fed. Financial L. Rep. (CCH) 85,255, 1980 WL, 48448, 1980 LEXIS step three (December 16, 1980). Select along with OBRE Interpretive Page 93-twenty two (October twenty eight, 1993).
Insurance Purchased to pay for Deferred Settlement Bundle Condition bank can create an excellent deferred settlement policy for the advantage of elderly bank officials and you may loans the program having coverage deals in place of mention of money restrictions
Pointers Research and you can Delivery Features Bank’s part get play the role of standard partner into the a joint venture getting recommendations research and you may execution services. Conditions for subsidiary while the general companion set forth with regards to certain bonds. OCC Interpretive Letter 516 [1990-1991 Import Binder] Given. Financial L. Associate. (CCH) 83,220, 1990 WL 364902, 1990 LEXIS 33 (July several, 1990).
Insurance policies – Acting as Finder for Insurance companies Bank will get try to be a good “finder” for insurance companies otherwise services companies for its customers. Banks may do recommendation and clerical functions towards the deals out of homeowners’ insurance policies to help you their home mortgage consumers, because this is tantamount to help you becoming a beneficial finder. OCC Interpretive Letter 566 [1991-1992 Import Binder] Fed. Financial L. Representative. (CCH) 83,320, 1991 WL, 340663 (undated); OCC Interpretive Letter 472 [1989-1990 Import Binder] Given. Banking L. Rep. (CCH) 83,008, 1989 WL 303688, 1989 LEXIS 21 (March dos, 1989). See also Blog post XLIV of the Illinois Insurance coverage Password [215 ILCS 5/1400 et seq.].
Insurance coverage Things Condition financial otherwise their part get do insurance coverage circumstances as a subscribed company, and you can team of one’s State bank otherwise part can be registered insurance firms. Part 5(24) of your Illinois Banking Work [205 ILCS 5/5(24)]; Blog post XLIV of one’s Illinois Insurance rates Password [215 ILCS 5/1400 et seq.].
Insurance coverage Deals to own Lender Aim Lender may purchase insurance coverage contracts for particular legitimate insurance policies aim not to own money aim. OBRE Interpretive Letter ninety-19 (September fourteen, 1990). See and additionally OBRE Interpretive Letter 95-02 (April 19, 1995), OBRE Interpretive Letter 91-08 (April eleven, 1991), OBRE Interpretive Letter ninety-13 (August 8, 1990).
Insurance rates, Crop Lender may offer, since the representative, pick insurance rates (we.age. multiple danger collect insurance rates and you may hail/flame insurance coverage) concerning money so you can the character customers. OCC Interpretive Page 812 (December 31, 1997).
Insurance rates from Private Dumps Over $100,000 Lender will get get an insurance businesses surety bond so you’re able to guarantee private places more $100,000. OCC Interpretive Page 323 [19851987 have a glance at this web link Transfer Binder] Provided. Banking L. Associate. (CCH) 85,493, 1985 WL 73150, 1985 LEXIS twenty two (January 8, 1985).
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