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205 ILCS 620/5-3
(205 ILCS 620/5-3) (from Ch. 17, par. 1555-3)
Sec. 5-3.
Violations; orders.
(a) Whenever it appears to the Commissioner
from any examination, statement of condition or report, that any
corporate fiduciary has committed any violation of law, has made
or published a false statement of condition or is conducting its
business in an unsafe, unsound or unauthorized manner, he shall,
by an order under his signature, direct the discontinuance of
such illegal and unsafe, unsound or unauthorized practices and
that the corporate fiduciary strictly conform with the
requirements of the law, and with safety and security in its
transactions.
(b) If a corporate fiduciary refuses or neglects to make a
required statement of condition or any report required under this
Act, or to comply with an order as above stated, or if it appears
to the Commissioner that it is unsafe or inexpedient for the
corporate fiduciary to continue to transact business, or that
extraordinary withdrawals of money are jeopardizing the interests
of remaining depositors, or that any corporate fiduciary or
officer of a corporate fiduciary has abused his trust or is
guilty of misconduct in his official position, injurious to the
corporate fiduciary, or that it has suffered a serious loss, he
shall enter an order appropriate to the circumstances, which may
include the appointment of a receiver as hereinafter provided,
the taking of possession of the corporate fiduciary, or the removal of
a
director, officer, employee, or agent of the corporate fiduciary, or
he may, represented by the Attorney General, seek an injunction or other
appropriate order from the court.
(c) No dividends shall be paid by a corporate fiduciary while it
continues its business as a corporate fiduciary to an amount greater than
its net profits then on hand, deducting first therefrom its losses
and bad debts.
(Source: P.A. 92-483, eff. 8-23-01.)
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