Interbank Lending Corporation (ILC) - Corporation Registration

[huesca12]

Username: huesca12

Business Name Interbank Lending Corporation (ILC)

Type of Firm Corporation

Headquarters Location C193

Purpose of Business The ILC aims to provide neutral, independent interbank lending services on a primarily short-term basis, seeking to avoid insolvency and promote stability in the financial markets.

Management Structure Provisionally managed through a board comprised of only myself; this will eventually be supplanted by a process for board selection from member banks designed by the Redmont Interbank Lending Working Group (RILWG).

Ownership Details Initial issuance of 100 Common Voting Shares to huesca12 for disbursement to member banks upon joining the ILC

Operating/Shareholders' Agreements File(s) attached

Contact Information Discord, IGN, and Forums username is huesca12

By submitting this form, do you acknowledge that all information provided is truthful and accurate to the best of your knowledge? Yes

 

[Avaneesh2008]

Will this ask for deposits from other banks or will it just give out loans for the time being?

 

[Avaneesh2008]

@huesca12

 

[huesca12]

Will this ask for deposits from other banks or will it just give out loans for the time being?

Member banks that deposit into the ILC will have rapid access to discounted, short-term loans. Legally speaking, however, these would be loans between members facilitated by and using funds at the ILC.

 

[huesca12]

In effect, member banks are basically paying a refundable deposit for access to a money market.

 

[Avaneesh2008]

In addition to this registration, please make sure you file as a Commercial Bank before taking deposits of any sorts to comply with the Commercial Standards Act

 

[xSyncx]

@huesca12 do you mind changing the name to Interbank Lending Company instead of corporation since corporations are a legally distinct form of company

 

[huesca12]

I thought filling a shareholder agreement was the prerequisite for forming a corporation. Aren't companies/LLCs incorporated by filing an operating agreement?

 

[huesca12]

In addition to this registration, please make sure you file as a Commercial Bank before taking deposits of any sorts to comply with the Commercial Standards Act

Do I need to do this before or after successfully incorporating?

 

[Avaneesh2008]

Corporation is a legal name that you can use. I believe xSyncx got confused with the legal firm names by law. You can file the registration for Financial Institution after this is done