(215 ILCS 5/133) (from Ch. 73, par. 745)
Sec. 133.
Books, records, accounts and vouchers.
(1) Every domestic company shall keep its books, records, documents,
accounts and vouchers in such manner that its financial condition,
affairs and operations can be
ascertained and so that its financial statements filed with the Director
can be readily verified and its compliance with the law determined and may
cause any or all such books, records, documents, accounts and vouchers to
be photographed or reproduced on film. Any such photographs,
microphotographs, optical imaging, or film reproductions of any original
books, records,
documents, accounts and vouchers shall for all purposes be considered the
same as the originals thereof and a transcript, exemplification or
certified copy of any such photograph, microphotograph, optical imaging, or
film reproduction
shall for all purposes be deemed to be a transcript, exemplification or
certified copy of the original. Any original so reproduced may thereafter
be disposed of or destroyed if provision is made for preserving and
examining such reproductions.
(2) All such original books, records, documents, accounts and vouchers,
or such reproductions thereof, of the home office of any domestic company
or of any principal United States office of a foreign or alien company
located in this State shall be preserved and kept available in this State
for the purpose of examination and until authority to destroy or otherwise
dispose of such records is secured from the Director. Such original records
may, however, be kept and maintained outside this State if, according to a
plan adopted by the company's board of directors and approved by the
Director, it maintains suitable records in lieu thereof. Every domestic
company shall keep its securities within the State of Illinois except where:
(a) on deposit with other states of the United States of America, or political |
(3) Any domestic company may maintain with a corporation, qualified to
administer trusts in this State under the Corporate Fiduciary Act and that
has an
office in this State at which the account is maintained,
for its securities, a limited
agency, custodial or depository account, or other type of account for the
safekeeping of those securities, collecting the income from those securities
and providing supportive accounting services relating to such safekeeping
and collection, provided, the domestic company maintains full investment
discretion over those securities. Such a corporation in safekeeping such
securities shall have all the powers, rights, duties and responsibilities
as it has for holding securities in its fiduciary accounts under the
Securities in Fiduciary Accounts Act.
(4) Any director, officer, agent or employee of any company who destroys
any such books, records or documents without the authority of the Director
in violation of this section or who fails to keep the books, records,
documents, accounts and vouchers required by this section shall be guilty
of a business offense and shall be fined not more than $5000.00.
(Source: P.A. 88-364; 89-437, eff. 12-15-95.)
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