Section 3501.30  Signature to Checks-Facsimile Signatures

a)         All checks issued for the disbursement of funds belonging to a company shall require the signature of at least two officers or employees of the company who have been authorized by its Board of Directors. All checks shall be numbered and recorded consecutively in an original record of cash disbursements.

b)         All collections made by agents or representatives of the company must be turned over to the company at least every three months or more often if the volume of cash warrants.

c)         All receipts of the company must be deposited in the bank intact in the name of the company.  Receipts must not be deposited in the name of an officer of the company.

d)         Companies must retain a duplicate deposit slip covering all bank deposits and listing all checks in detail, in addition to an original record of all cash receipts.

(Source:  Amended at 43 Ill. Reg. 7245, effective June 13, 2019)