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Public Act 92-0685
HB5860 Enrolled LRB9214920JSpc
AN ACT relating to corporate fiduciaries.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Corporate Fiduciary Act is amended by
changing Sections 4-2 and 9-6 as follows:
(205 ILCS 620/4-2) (from Ch. 17, par. 1554-2)
Sec. 4-2. Foreign corporation; eligibility. Any foreign
corporation may act in this State as trustee, executor,
administrator, administrator to collect, guardian, or in any
other like fiduciary capacity, whether the appointment is by
will, deed, court order or otherwise, without complying with
any laws of this State relating to the qualification of
corporations organized under the laws of this State to
conduct a trust business or laws relating to the
qualification of foreign corporations, provided only (1) such
foreign corporation is authorized by the laws of the state of
its organization or domicile to act as a fiduciary in that
state, and (2) a corporation organized under the laws of this
State, a national banking association having its principal
place of business in this State, and a federal savings and
loan association or federal savings bank having its principal
place of business in this State and authorized to act as a
fiduciary in this State, may, in such other state, act in a
similar fiduciary capacity or capacities, as the case may be,
upon conditions and qualifications which the Commissioner
finds are not unduly restrictive when compared to those
imposed by the laws of Illinois. Any foreign corporation
eligible to act in a fiduciary capacity in this State
pursuant to the provisions of this Act, shall be deemed
qualified to accept and execute trusts in this State within
the meaning of this Act and the Probate Act of 1975, approved
August 7, 1975, as amended. No foreign corporation shall be
permitted to act as trustee, executor, administrator,
administrator to collect, guardian or in any other like
fiduciary capacity in this State except as provided in
Article IV of this Act; however, any foreign corporation
actually acting in any such fiduciary capacity in this State
on July 13, 1953, although not eligible to so act pursuant to
the provisions of this Article IV, may continue to act as
fiduciary in that particular trust or estate until such time
as it has completed its duties thereunder.
(Source: P.A. 85-858.)
(205 ILCS 620/9-6)
Sec. 9-6. Audits.
(a) At least once in each calendar year a trust company
corporate fiduciary must cause its books and records to be
audited by an independent licensed public accountant. The
Commissioner may prescribe the scope of the audit within
generally accepted audit principles and standards.
(b) The independent licensed public accountant shall
provide a written audit report to the trust company's
corporate fiduciary's board of directors or to a committee
appointed by the trust company's corporate fiduciary's board
of directors. If the audit report is given to a committee
appointed by the trust company's corporate fiduciary's board
of directors, the committee shall, within 30 days after the
date of receipt of the audit report, provide the board of
directors with a written summary of the audit findings as
detailed in the audit report. The trust company's board of
directors shall file with the Commissioner a copy of any
written summary of the audit findings provided to the board
pursuant to this subsection within 45 days after receipt by
the board of the written summary.
(c) The trust company's corporate fiduciary's board of
directors or committee appointed by the board of directors
shall cause a copy of the audit report and any written
summary pursuant to paragraph (b) of this Section to be filed
directly by the independent licensed public accountant with
the Commissioner within 45 days after receipt of the audit
report is issued.
(d) A trust company that is directly or indirectly owned
by a bank holding company, a financial holding company, or a
savings and loan holding company shall be deemed to be in
compliance with the provisions of subsections (a) through (c)
of this Section if the bank holding company, financial
holding company, or savings and loan holding company obtains
an audit by an independent licensed public accountant that
includes the trust company and meets the standards of
subsection (a) and, within 45 days after the audit report is
issued, the bank holding company, financial holding company,
or savings and loan holding company causes the independent
licensed public accountant to directly file with the
Commissioner the provisions of the audit report relating to
the trust company.
(Source: P.A. 92-485, eff. 8-23-01.)
Section 99. Effective date. This Act takes effect upon
becoming law.
Passed in the General Assembly May 07, 2002.
Approved July 16, 2002.
Effective July 16, 2002.
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