093_HB3661sam002
LRB093 09245 RLC 15281 a
1 AMENDMENT TO HOUSE BILL 3661
2 AMENDMENT NO. . Amend House Bill 3661, AS AMENDED,
3 in the introductory clause of Section 5, by changing "367.2,
4 and 367e" to "367.2, 367e, and 404.1"; and
5 in Section 5, at the end, by inserting the following:
6 "(215 ILCS 5/404.1) (from Ch. 73, par. 1016.1)
7 Sec. 404.1. Safekeeping of deposits. The Director may
8 maintain with a corporation qualified to administer trusts in
9 this State under the Corporate Fiduciary Act "An Act to
10 provide for and regulate the administration of trusts by
11 trust companies", approved June 15, 1887, as amended, for the
12 securities deposited with the Director, a limited agency,
13 custodial, or depository account, or other type of account
14 for the safekeeping of those securities, and for collecting
15 the income from those securities and providing supportive
16 accounting services relating to such safekeeping and
17 collection. Such a corporation, in safekeeping such
18 securities, shall have all the powers, rights, duties and
19 responsibilities that it has for holding securities in its
20 fiduciary accounts under the Securities in Fiduciary Accounts
21 Act "An Act concerning the powers of corporations authorized
22 to accept and execute trusts, to register and hold securities
-2- LRB093 09245 RLC 15281 a
1 of fiduciary accounts in bulk and to deposit same with a
2 clearing corporation", approved September 1, 1972, as
3 amended. The Director shall arrange with any depository
4 institution that has been authorized to accept and execute
5 trusts to provide for collateralization of any cash accounts
6 resulting from the failure of any depositing company to give
7 instruction regarding the investment of any such cash amounts
8 as provided for by Section 6 of the Public Funds Investment
9 Act.
10 (Source: P.A. 83-746.)".