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205 ILCS 620/5-6
(205 ILCS 620/5-6) (from Ch. 17, par. 1555-6)
Sec. 5-6. Removal orders. Whenever, in the opinion of the Secretary,
any director, officer, employee, or agent of a corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary
shall have violated any law, rule, or order relating to the corporate
fiduciary
or subsidiary or corporate parent of the corporate fiduciary, shall have
engaged in an unsafe or unsound practice in conducting
the
business of the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary, or shall
have violated any law or
engaged or participated in any unsafe or unsound practice in connection with
any financial institution or other business entity such that the character and
fitness of the director, officer, employee, or agent does not assure reasonable
promise of safe and sound operation of the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary, the Secretary
may issue an order of
removal.
If in the opinion of the Secretary, any former director, officer,
employee, or agent of a corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary, prior to the
termination of his
or her service with the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary, violated any
law, rule, or order
relating to the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary
or engaged in an unsafe or unsound practice
in conducting the business of the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary
or violated any law or
engaged or participated in any unsafe or unsound practice in connection with
any financial institution or other business entity such that the character and
fitness of the director, officer, employee, or agent would not have assured
reasonable promise of safe and sound operation of the corporate fiduciary
or subsidiary or corporate parent of the corporate fiduciary,
the
Secretary may issue
an order prohibiting that person from further service with a corporate
fiduciary
or subsidiary or corporate parent of the corporate fiduciary
as a director, officer, employee, or agent. An order issued pursuant
to this Section shall be served upon the
director, officer, employee, or
agent. A copy of the order shall be sent to each director of the corporate
fiduciary
affected by personal service, certified mail return receipt
requested, or any other method that provides proof of service and receipt. A copy of the order shall
be served upon the corporate fiduciary
of which the person is a
director, officer, employee, or agent, whereupon the person shall cease to be a
director,
officer, employee, or agent of the corporate fiduciary. Any person who has
been removed or prohibited by an order of the Secretary under this
Section or subsection
(7) of Section 48 of the Illinois Banking Act may not thereafter serve as
director, officer, employee, or agent of any State bank or corporate fiduciary,
or of any other entity that is subject to licensure or regulation by the Division of Banking
unless the Secretary
has granted prior approval in writing. The Secretary may institute a civil
action against the
director,
officer, employee, or agent subject to an order issued under this Section and
against the corporate fiduciary
to enforce compliance with or to enjoin any
violation of the terms of the order.
(Source: P.A. 96-1163, eff. 1-1-11.)
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