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91_SB1884
LRB9112087JSpcA
1 AN ACT concerning corporate fiduciaries.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Corporate Fiduciary Act is amended by
5 changing Section 4-2 as follows:
6 (205 ILCS 620/4-2) (from Ch. 17, par. 1554-2)
7 Sec. 4-2. Eligibility to act as fiduciary. Any foreign
8 corporation may act in this State as trustee, executor,
9 administrator, administrator to collect, guardian, or in any
10 other like fiduciary capacity, whether the appointment is by
11 will, deed, court order or otherwise, without complying with
12 any laws of this State relating to the qualification of
13 corporations organized under the laws of this State to
14 conduct a trust business or laws relating to the
15 qualification of foreign corporations, provided only (1) such
16 foreign corporation is authorized by the laws of the state of
17 its organization or domicile to act as a fiduciary in that
18 state, and (2) a corporation organized under the laws of this
19 State, a national banking association having its principal
20 place of business in this State, and a federal savings and
21 loan association or federal savings bank having its principal
22 place of business in this State and authorized to act as a
23 fiduciary in this State, may, in such other state, act in a
24 similar fiduciary capacity or capacities, as the case may be,
25 upon conditions and qualifications which the Commissioner
26 finds are not unduly restrictive when compared to those
27 imposed by the laws of Illinois. Any foreign corporation
28 eligible to act in a fiduciary capacity in this State
29 pursuant to the provisions of this Act, shall be deemed
30 qualified to accept and execute trusts in this State within
31 the meaning of the Probate Act of 1975, approved August 7,
-2- LRB9112087JSpcA
1 1975, as amended. No foreign corporation shall be permitted
2 to act as trustee, executor, administrator, administrator to
3 collect, guardian or in any other like fiduciary capacity in
4 this State except as provided in Article IV of this Act;
5 however, any foreign corporation actually acting in any such
6 fiduciary capacity in this State on July 13, 1953, although
7 not eligible to so act pursuant to the provisions of this
8 Article IV, may continue to act as fiduciary in that
9 particular trust or estate until such time as it has
10 completed its duties thereunder.
11 (Source: P.A. 85-858.)