(205 ILCS 5/2.6) (from Ch. 17, par. 308)
Sec. 2.6.
Transfer of powers.
There is transferred to the Commissioner all the powers and authorities
and all duties and responsibilities heretofore vested in the Director of
Financial Institutions under this Act. This transfer shall not affect any
act done, ratified or confirmed or any right accrued or established or
affect or abate any notice or report required to be furnished or any action
or proceeding had or commenced in a civil or criminal cause before this act
takes effect; but such notices and reports shall be due to, and such
actions or proceedings may be prosecuted, defended or continued by the
Commissioner. Every person and every bank shall be subject to the same
obligations and duties and shall have the same rights arising from the
exercise of such rights, powers and duties as if such rights, powers and
duties were exercised by the Director of Financial Institutions; and every
person and every bank shall be subject to the same penalty or penalties,
civil or criminal for failure to perform any such obligation or duty, or
for doing a prohibited act, as if such obligation or duty arose from or
such act were prohibited in, the exercise of such rights, powers or duties
by the Director of Financial Institutions. Every officer and employee shall
for any offense be subject to the same penalty or penalties, civil or
criminal, as are prescribed by existing law for the same offense by any
officer or employee whose powers or duties devolve upon him under this Act.
(Source: Laws 1965, p. 2020.)
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