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(205 ILCS 620/4-5) (from Ch. 17, par. 1554-5)
Sec. 4-5.
Certificate of authority; fees; certificate of
reciprocity.
(a) Prior to the time any foreign corporation acts in this State as
testamentary trustee, trustee appointed by any court, trustee under any written
agreement, declaration or instrument of trust, executor, administrator,
administrator to collect, guardian or in any other like fiduciary capacity,
such foreign corporation shall apply to the Commissioner of Banks and Real
Estate for a certificate of authority with reference to
the fiduciary capacity or capacities in which such foreign corporation proposes
to act in this State, and the Commissioner of Banks and Real Estate shall issue a certificate of authority to such corporation
concerning only the fiduciary capacity or such of the fiduciary capacities to
which the application pertains and with respect to which he has been furnished
satisfactory evidence that such foreign corporation meets the requirements of
Section 4-2 of this Act. The certificate of authority shall set forth the
fiduciary capacity or capacities, as the case may be, for which the certificate
is issued, and shall recite and certify that such foreign corporation is
eligible to act in this State in such fiduciary capacity or capacities, as the
case may be, pursuant to the provisions of this Act. The certificate of
authority shall remain in full force and effect until such time as such foreign
corporation ceases to be eligible so to act under the provisions of this Act.
(b) Each foreign corporation making application for a certificate of
authority shall pay reasonable fees to the Commissioner of Banks and Real
Estate as determined by the Commissioner for the services
of his office.
(c) Any foreign corporation holding a certificate of
reciprocity which recites and certifies that such foreign
corporation is eligible to act in this State in any such
fiduciary capacity pursuant to the provisions of Article IV of
this Act or any predecessor Act upon the same subject, issued
prior to the effective date of this amendatory Act of 1987 may
act in this State under such certificate of reciprocity in any
such fiduciary capacity without applying for a new certificate of
authority. Such certificate of reciprocity shall remain in full
force and effect until such time as such foreign corporation
ceases to be eligible so to act under the provisions of Article
IV of this Act.
(d) Any foreign corporation acting in Illinois under a certificate of
authority or a certificate of reciprocity shall report changes in its name
or address to the Commissioner and shall notify the Commissioner when it is
no longer serving as a corporate fiduciary in Illinois.
(e) The provisions of this Section shall not apply to a foreign
corporation establishing or acquiring and maintaining a place of business in
this State to conduct business as a fiduciary in accordance with Article IVA
of this Act.
(Source: P.A. 92-483, eff. 8-23-01.)
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