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92_HB4967
LRB9214702JSpc
1 AN ACT relating to corporate fiduciaries.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Corporate Fiduciary Act is amended by
5 changing Section 9-6 as follows:
6 (205 ILCS 620/9-6)
7 Sec. 9-6. Audits.
8 (a) At least once in each calendar year a trust company
9 corporate fiduciary must cause its books and records to be
10 audited by an independent licensed public accountant. The
11 Commissioner may prescribe the scope of the audit within
12 generally accepted audit principles and standards.
13 (b) The independent licensed public accountant shall
14 provide a written audit report to the trust company's
15 corporate fiduciary's board of directors or to a committee
16 appointed by the trust company's corporate fiduciary's board
17 of directors. If the audit report is given to a committee
18 appointed by the trust company's corporate fiduciary's board
19 of directors, the committee shall, within 30 days after the
20 date of receipt of the audit report, provide the board of
21 directors with a written summary of the audit findings as
22 detailed in the audit report.
23 (c) The trust company's corporate fiduciary's board of
24 directors or committee appointed by the board of directors
25 shall cause a copy of the audit report and any written
26 summary pursuant to paragraph (b) of this Section to be filed
27 with the Commissioner within 45 days after receipt of the
28 audit report.
29 (Source: P.A. 92-485, eff. 8-23-01.)
30 Section 99. Effective date. This Act takes effect upon
-2- LRB9214702JSpc
1 becoming law.