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205 ILCS 620/4-2
(205 ILCS 620/4-2) (from Ch. 17, par. 1554-2)
Sec. 4-2.
Foreign corporation; eligibility.
Any foreign corporation may
act in this State
as trustee, executor, administrator, administrator to collect,
guardian, or in any other like fiduciary capacity, whether the
appointment is by will, deed, court order or otherwise, without
complying with any laws of this State relating to the
qualification of corporations organized under the laws of this
State to conduct a trust business or laws relating to the
qualification of foreign corporations, provided only (1) such
foreign corporation is authorized by the laws of the state of its
organization or domicile to act as a fiduciary in that state, and
(2) a corporation organized under the laws of this State, a
national banking association having its principal place of
business in this State, and a federal savings and loan
association or federal savings bank having its principal place of
business in this State and authorized to act as a fiduciary in
this State, may, in such other state, act in a similar fiduciary capacity or
capacities, as the case may be, upon conditions and
qualifications which the Commissioner finds are not unduly
restrictive when compared to those imposed by the laws of
Illinois. Any foreign corporation eligible to act in a fiduciary
capacity in this State pursuant to the provisions of this Act,
shall be deemed qualified to accept and execute trusts in this
State within the meaning of this Act and the Probate Act of 1975, approved
August 7, 1975, as amended. No foreign corporation shall be
permitted to act as trustee, executor, administrator,
administrator to collect, guardian or in any other like fiduciary
capacity in this State except as provided in Article IV of this
Act; however, any foreign corporation actually acting in any such
fiduciary capacity in this State on July 13, 1953, although not
eligible to so act pursuant to the provisions of this Article IV,
may continue to act as fiduciary in that particular trust or
estate until such time as it has completed its duties thereunder.
(Source: P.A. 92-685, eff. 7-16-02.)
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