(205 ILCS 620/6-6) (from Ch. 17, par. 1556-6)
Sec. 6-6.
Upon taking possession, the Commissioner shall
make an examination of the condition of the corporate fiduciary,
an inventory of the assets and unless the time shall be extended
by order of the court or, unless the Commissioner shall have
otherwise settled the affairs of a corporate fiduciary pursuant
to the provisions of this Act, within 30 days from the time
of taking possession and control of the corporate fiduciary for
the purpose of examination, reorganization or liquidation through
receivership, the Commissioner shall either terminate his
possession and control by restoring the corporate fiduciary to
its board of
directors or appoint a receiver which may be the Office of the
Commissioner, a corporate fiduciary or another suitable person and order
the liquidation of the corporate
fiduciary as provided in this Act.
All necessary and reasonable expenses of the Commissioner's
possession and control and of its reorganization shall be a
priority claim and shall be borne by the corporate fiduciary and
may be paid by the Commissioner from its own assets as
distinguished from those of beneficiaries of fiduciary relations.
(Source: P.A. 86-754.)
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