(65 ILCS 5/11-78-3) (from Ch. 24, par. 11-78-3)
Sec. 11-78-3.
If real or personal estate is under the control of trustees,
appointed or elected by virtue of any general or special law of this state,
when it is conveyed as specified in Section 11-78-1, the duties of those
trustees in relation thereto shall cease, and they shall immediately settle
and adjust all matters relating to the trust estate and make a report to
the proper authority of their acts. Upon the approval of this report the
trustees shall be released and discharged from the further performance of
duty in that behalf. All money which may remain in the municipal treasury
to the credit of any fund connected with the use of such real or personal
estate, while so held by the municipality, shall be used by the
municipality for any lawful corporate purpose.
(Source: Laws 1961, p. 576.)
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