(205 ILCS 620/4-4) (from Ch. 17, par. 1554-4)
Sec. 4-4.
Place of business not to be established in
State; not deemed transacting business.
(a) A foreign corporation,
as defined in Section 1-5.08 of this Act, shall not establish in
this State a place of business, branch office, or agency for the
conduct of business as a fiduciary and because it is not permitted to
establish in this State a place of business, branch office or
agency, a foreign corporation
insofar as it acts in a fiduciary capacity in this State pursuant
to the provisions of this Act shall not be deemed to be
transacting business in this State.
The foreign corporation may apply for, and
procure from the Commissioner, a license to establish a representative office
pursuant to the Foreign Bank Representative Office Act.
The provisions of this subsection (a) do not apply to foreign
corporations establishing or acquiring and maintaining a place of business in
this State to conduct business as a fiduciary in accordance with Article IVA of
this Act.
(b) Notwithstanding subsection (a) of this Section 4-4, after May 31,
1997, a branch of an out-of-state bank, as defined in Section 2 of the Illinois
Banking Act, and a foreign association, as defined in
Section 1-10.31 of the Illinois Savings and Loan Act of 1985, may establish
an office
in this State for the conduct of business
as a fiduciary, provided: (i) fiduciary
business conducted in this State by a branch of an out-of-state bank is subject
to examination by the Commissioner; and (ii) the trust activities
of the
branch of the out-of-state bank are subject to regulation, including
enforcement actions, by the Commissioner to the same extent as Illinois
corporate fiduciaries.
(Source: P.A. 91-97, eff. 7-9-99; 92-483, eff. 8-23-01.)
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