(205 ILCS 5/58) (from Ch. 17, par. 370)
Sec. 58.
Appointment of receiver; court proceeding.
(a) If the Commissioner determines (which determination may be made at the
time, or any time subsequent to his taking possession and control of a bank
and its assets) that no practical possibility exists to reorganize the
bank after reasonable efforts have been made
and that it should be
liquidated through receivership, he shall appoint a receiver and require of
him such bond and security as the Commissioner deems proper, and the
Commissioner, represented by the Attorney General, shall, if the Federal
Deposit Insurance Corporation is not acting as receiver, file a complaint
for the dissolution or winding up of the affairs of such bank in the
circuit court of
the county where such bank is located.
(b) Unless the Federal Deposit Insurance Corporation is acting as receiver
for the bank, the Commissioner, upon taking possession and control of a bank
and its assets, may, and if he has not previously done so, shall, immediately
upon
filing a complaint for dissolution, make an examination of the
affairs of the trust department of the bank or appoint a corporate
fiduciary or other suitable person to make the examination as the
Commissioner's agent. The examination shall be conducted in accordance
with and pursuant to the authority granted under Section 5-2 of the
Corporate Fiduciary Act, as now or hereafter amended, and the corporate
fiduciary or other suitable person conducting the examination shall have
and may exercise on behalf of the Commissioner all of the powers and
authority granted to the Commissioner thereunder. The report of
examination shall, to the extent reasonably possible, identify those
governing instruments with specific instructions concerning the appointment
of a successor fiduciary. A copy of the report shall be filed in any
dissolution proceeding filed by the Commissioner. The reasonable fees and
necessary expenses of the examining corporate fiduciary or other suitable
person, as approved by the Commissioner or as recommended by the
Commissioner and approved by the court if a dissolution proceeding has been
filed, shall be borne by the subject state bank and shall have the same priority
for payment as the reasonable and necessary expenses of the Commissioner in
conducting an examination.
As soon as reasonably can be done, the Commissioner, if he deems it
advisable, shall seek the advice and instruction of the court concerning
the removal of the corporate fiduciary as to all of its fiduciary accounts
and the appointment of a successor fiduciary (which may be the examining
corporate fiduciary) to take over and administer all of the fiduciary
accounts being administered by the trust department of the state bank. The
corporate fiduciary or other suitable person appointed to make the
examination shall make a proper accounting, in the manner and scope as
determined by the Commissioner to be practical and advisable under the
circumstances, on behalf of the trust department of the state bank and no
guardian ad litem need be appointed to review the accounting.
(Source: P.A. 89-364, eff. 8-18-95.)
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