State of Illinois
92nd General Assembly
Legislation

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92_HB5827

 
                                               LRB9214917JSpc

 1        AN ACT concerning 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 corporate
 9    fiduciary that is a corporation organized under the  Business
10    Corporation  Act  of  1983  or  a  limited  liability company
11    organized under the Limited Liability Company Act must  cause
12    its  books  and  records  to  be  audited  by  an independent
13    licensed public accountant.  The Commissioner  may  prescribe
14    the  scope  of  the  audit  within  generally  accepted audit
15    principles and standards.
16        (b)  The independent  licensed  public  accountant  shall
17    provide  a  written audit report to the corporate fiduciary's
18    board of  directors  or  to  a  committee  appointed  by  the
19    corporate  fiduciary's  board  of  directors.   If  the audit
20    report is given to a committee  appointed  by  the  corporate
21    fiduciary's  board  of directors, the committee shall, within
22    30 days after the  date  of  receipt  of  the  audit  report,
23    provide  the board of directors with a written summary of the
24    audit findings as detailed in the audit report.
25        (c)  The corporate  fiduciary's  board  of  directors  or
26    committee  appointed  by the board of directors shall cause a
27    copy of the audit report and any written summary pursuant  to
28    paragraph   (b)   of  this  Section  to  be  filed  with  the
29    Commissioner within  45  days  after  receipt  of  the  audit
30    report.
31    (Source: P.A. 92-485, eff. 8-23-01.)
 
                            -2-                LRB9214917JSpc
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.

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