(205 ILCS 645/11) (from Ch. 17, par. 2718)
Sec. 11.
Pledging requirements; discretion of Commissioner.
A foreign
banking corporation holding a certificate of authority
issued pursuant to this Act may be required, when deemed necessary and
appropriate in the opinion of the Commissioner, to keep on
deposit with the Federal
Reserve Bank of Chicago or such State bank or national bank as such foreign
banking corporation may designate and the Commissioner may approve,
interest-bearing stocks and bonds, notes, debentures or other obligations
of the United States or any agency or instrumentality thereof or guaranteed
by the United States, or of this State, or of a city, county, town,
village, school district, or instrumentality of this State or guaranteed by
this State, or dollar deposits, or obligations of the International Bank
for Reconstruction and Development, or obligations issued by the
Inter-American Development Bank, or obligations of the Asian Development
Bank, or obligations of the African Development Bank, or obligations of the
International Finance Corporation, or such other assets as the Commissioner
shall permit, to an aggregate amount, based upon principal amount or market
value, whichever is lower, in the case of the above-described securities,
and subject to such limitations as he shall prescribe,
such amount as the Commissioner deems necessary for the protection of
depositors or the costs of taking possession and control. The deposit shall be
maintained with the Federal Reserve Bank of Chicago or any such State bank
or national bank pursuant to a deposit agreement in such form and
containing such conditions and limitations (including a deposit in the name
of the Commissioner in trust for the depositors of such banking office) as
the Commissioner may prescribe. So long as it continues business in the
ordinary course such banking office shall, however, be permitted to collect
interest on the securities so deposited and from time to time exchange,
examine and compare such securities.
(Source: P.A. 92-483, eff. 8-23-01.)
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