(205 ILCS 620/5-4) (from Ch. 17, par. 1555-4)
Sec. 5-4.
If the Commissioner has satisfactory evidence
that any statement of condition or other report required or
authorized by this Act, made by any officer or officers of a
corporate fiduciary is false, the Commissioner may revoke the
certificate of authority granted on behalf of such corporate
fiduciary and mail a copy of such revocation to that corporate
fiduciary and the clerk of the circuit court in each county in
the state of Illinois. Such revocation shall not be set aside
until satisfactory evidence is given to the Commissioner that
such corporate fiduciary is in substance and in fact in the
condition set forth in such required statement of condition or
report or that a corrected statement of condition, or report as
the case may be, is prepared, filed with the Commissioner and
published if the original statement or report was required to be
published and satisfactory evidence that all the requirements of
this Act have been complied with. Such revocation is cause for
the removal of such corporate fiduciary from any appointment held
by it under this Act.
(Source: P.A. 85-858.)
|