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205 ILCS 645/3
(205 ILCS 645/3) (from Ch. 17, par. 2710)
Sec. 3.
Certificates of authority; qualifications; rights;
supervision. A
foreign banking corporation, upon receipt of a certificate of authority from
the Commissioner, may establish and maintain an Illinois banking office to
conduct thereat a general banking business and may apply for, and procure from
the Commissioner, a certificate of authority to conduct thereat a trust
business pursuant to the Corporate Fiduciary Act. No such foreign banking
corporation is, however, entitled to a certificate of authority under this Act
unless, under the laws of the country under which such foreign banking
corporation was organized, a State bank and a national bank may be authorized
to maintain a banking office which may engage in a general banking business or
may be authorized to own all the shares (except for directors' qualifying
shares) of a banking organization organized under the laws of such country.
Upon receipt of a certificate of authority under this Act, a foreign
banking corporation may conduct its banking business in this State with the
same, but no greater, rights and privileges as a State bank, and except as
otherwise provided in this Act, subject to the same duties, restrictions,
penalties and liabilities now or hereafter imposed under the Illinois
Banking Act upon a State bank. Any such
banking office shall be maintained subject to supervision and examination by
the Commissioner and such reports and examinations as are required of State
banks under the Illinois Banking Act applicable to such banking office.
This Section does not prohibit the furnishing of information in accordance
with the federal
Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
Any foreign banking corporation governed by this Act shall enter into an
agreement for data
exchanges with a State agency provided the State agency
pays to the foreign banking corporation a reasonable fee not to exceed its
actual cost incurred. A foreign banking corporation providing
information in accordance with this item shall not be liable to any account
holder or other person for any disclosure of information to a State agency, for
encumbering or surrendering any assets held by the foreign banking corporation
in response to a lien
or order to withhold and deliver issued by a State agency, or for any other
action taken pursuant to this item, including individual or mechanical errors,
provided the action does not constitute gross negligence or willful misconduct.
A foreign banking corporation shall have no obligation to hold, encumber, or
surrender assets until
it has been served with a subpoena, summons, warrant, court or administrative
order,
lien, or levy.
(Source: P.A. 89-208, eff. 6-1-97; 89-364, eff. 8-18-95; 89-626,
eff. 8-9-96; 90-18, eff. 7-1-97.)
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