(205 ILCS 620/6-4) (from Ch. 17, par. 1556-4)
Sec. 6-4.
Judicial proceedings; examination.
(a) Promptly after taking possession and control of a corporate
fiduciary, the Commissioner shall file a copy of the notice posted upon the
premises in the circuit court in the county in which the corporate fiduciary is
located, which cause shall be entered as a court action upon the dockets of
such court under the name and style of "In the matter of the possession and
control of the Commissioner of Banks and Real Estate
of ......" (inserting the name of such corporate fiduciary). If the
Commissioner
determines (which determination may be made at the time of, or at any time
subsequent to, his taking possession and control of a corporate fiduciary) that
no practical possibility exists to reorganize the corporate fiduciary after
reasonable efforts have been made, the Commissioner, represented by the
Attorney General shall also file a complaint, if he has not already done so
under Section 58 of the Illinois Banking Act, as now or hereafter amended, for
the appointment of a receiver or such other proceeding as is appropriate under
the circumstances. The court where the cause is docketed shall be vested with
jurisdiction to hear and determine all issues and matters pertaining to or
connected with the Commissioner's possession and control of such corporate
fiduciary as provided in this Act, and such further issues and matters
pertaining to or connected with the Commissioner's possession and control as
may be submitted to such court for its adjudication by the Commissioner.
(b) The Commissioner, upon taking possession and control of a corporate
fiduciary, 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 corporate fiduciary 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 this Act, 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 corporate fiduciary 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 corporate
fiduciary. 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 corporate fiduciary
and no guardian ad litem need be appointed to review the accounting.
(Source: P.A. 89-508, eff. 7-3-96.)
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