TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 399 STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES

SUBPART A: GENERAL PROVISIONS

Section 399.10 Purpose

Section 399.20 Definitions

SUBPART B: TRUST COMPANY INVESTMENTS

Section 399.110 Purpose

Section 399.120 Investments

SUBPART A: GENERAL PROVISIONS

TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 399 STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES
SECTION 399.10 PURPOSE

 

Section 399.10  Purpose

 

The Commissioner of Banks and Real Estate is authorized to promulgate reasonable rules setting forth standards for the operation and conduct of the affairs of corporate fiduciaries to ensure their safe and sound operation.  The purpose of this Part is to set forth those standards under one heading to facilitate easy reference by the corporate fiduciaries affected.

TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 399 STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES
SECTION 399.20 DEFINITIONS

 

Section 399.20  Definitions

 

            "Banking Act" means the Illinois Banking Act [205 ILCS 5].

 

            "Commissioner" means the Commissioner of Banks and Real Estate.

 

            "Corporate fiduciary" shall have the meaning ascribed to it in Section 1-5.05 of the Corporate Fiduciary Act.

 

            "Corporate Fiduciary Act" means the Corporate Fiduciary Act [205 ILCS 620].

 

            "State bank" shall have the meaning ascribed to it in Section 2 of the Banking Act.

 

            "Trust company" shall have the meaning ascribed to it in Section 1-5.11 of the Corporate Fiduciary Act.

SUBPART B: TRUST COMPANY INVESTMENTS

TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 399 STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES
SECTION 399.110 PURPOSE

 

Section 399.110  Purpose

 

The Commissioner is authorized to determine the minimum capital, surplus and reserves required for the safe and sound operation of corporate fiduciaries. Corporate fiduciaries that are state banks are subject to the investment limitations contained in the Banking Act.  The purpose of this Subpart is to set forth the limitations on the authority of a trust company to invest for its own account in order to safeguard the condition of such trust company.

TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: OFFICE OF BANKS AND REAL ESTATE
PART 399 STANDARDS FOR OPERATION AND CONDUCT OF AFFAIRS OF CORPORATE FIDUCIARIES
SECTION 399.120 INVESTMENTS

 

Section 399.120  Investments

 

For purposes of determining the adequacy of capital, surplus and reserves, a trust company, when purchasing, selling and holding investments for its own accounts, shall be subject to the same limitations and conditions with respect to such investments as are permitted for state banks by the Banking Act.  The Commissioner shall disallow any investments that are not so permitted from the calculation of adequate capital, surplus and reserves.