(205 ILCS 620/2-1) (from Ch. 17, par. 1552-1)
Sec. 2-1.
(a) Any corporation which has been or shall be
incorporated under the general corporation laws of this State for
the purpose of accepting and executing trusts, and any state
bank, state savings and loan association, state savings bank, or
other special corporation now or hereafter authorized by law to
accept or execute trusts, may be appointed to act as a fiduciary
in any capacity a natural person or corporation may act, and
shall include, but not be limited to, acting as assignee or trustee
by deed, and executor, guardian or trustee by will, custodian
under the Illinois Uniform Transfers to Minors Act and such appointment
shall be of like force as in case of appointment of a natural
person and shall be designated a corporate fiduciary.
(b) No corporate fiduciary shall dissolve or cease its corporate
existence without prior notice to and approval by the Commissioner and
compliance with the requirements of Section 7-1 of this Act.
(Source: P.A. 100-863, eff. 8-14-18.)
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