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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5854
Introduced 2/6/2004, by Michael J. Madigan SYNOPSIS AS INTRODUCED:
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205 ILCS 5/3 |
from Ch. 17, par. 309 |
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Amends the Illinois Banking Act. Makes a technical change in a Section
concerning the primary powers of banks.
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A BILL FOR
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HB5854 |
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LRB093 16896 SAS 42553 b |
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| AN ACT in relation to financial regulation.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Banking Act is amended by changing
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| Section 3 as follows:
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| (205 ILCS 5/3) (from Ch. 17, par. 309)
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| Sec. 3. Formation and primary powers. It is
shall be
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| lawful to form
banks,
as herein provided, for the purpose of |
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| discount and deposit, buying and
selling exchange and doing a |
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| general banking business, excepting the
issuing of bills to |
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| circulate as money; and such banks shall have the power
to loan |
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| money on personal and real estate security, and to accept and |
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| execute
trusts upon obtaining a certificate of authority |
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| pursuant to the "Corporate
Fiduciary Act", and shall be subject |
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| to all of the provisions of this Act.
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| (Source: P.A. 85-1402.)
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