SB0746 EngrossedLRB100 05754 SMS 15777 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Corporate Fiduciary Act is amended  by 
5changing Section 1-7 as follows:
 



6    (205 ILCS 620/1-7)  (from Ch. 17, par. 1551-7)



7    Sec. 1-7. Office locations; corporate fiduciaries. 

8    (a) Any corporate fiduciary may establish branch offices at 
9any
location. Any corporate fiduciary that seeks to establish a 
10branch office
shall, if it is a trust company, apply for and 
11obtain approval for the
branch office from the Secretary 
12Commissioner or, if it is a bank, savings and loan
association, 
13or savings bank, give notice of its intent to establish a

14branch office to the Commissioner, 30 days prior to the 
15purchasing or
leasing of land, building, or equipment for the 
16branch office under the
terms and conditions as the 
17Commissioner shall specify by rule.

18    (b) Any trust company that proposes to establish a 
19subsidiary,
whether by incorporating the subsidiary or by 
20acquiring the subsidiary,
shall apply for and obtain prior 
21approval from the Secretary Commissioner 60 days
prior to 
22commencing business by the subsidiary, if newly incorporated, 
23or
prior to its acquisition, if it is acquired, provided the 
 
 
SB0746 Engrossed- 2 -LRB100 05754 SMS 15777 b

1Secretary Commissioner may
specify circumstances and 
2conditions when a trust company may directly or
indirectly 
3acquire a subsidiary without prior approval.

4(Source: P.A. 90-665, eff. 7-30-98.)

 
 
5    Section 99. Effective date. This Act takes effect upon 
6becoming law.