State of Illinois
92nd General Assembly
Legislation

   [ Search ]   [ PDF text ]   [ Legislation ]   
[ Home ]   [ Back ]   [ Bottom ]


[ Engrossed ][ Enrolled ][ House Amendment 001 ]
[ House Amendment 002 ]


92_HB5860

 
                                               LRB9214920JSpc

 1        AN ACT relating to 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.  Foreign corporation; eligibility.  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 this Act and the Probate Act of 1975, approved
 
                            -2-                LRB9214920JSpc
 1    August  7, 1975, as amended.  No foreign corporation shall be
 2    permitted  to  act  as  trustee,   executor,   administrator,
 3    administrator  to  collect,  guardian  or  in  any other like
 4    fiduciary capacity  in  this  State  except  as  provided  in
 5    Article  IV  of  this  Act;  however, any foreign corporation
 6    actually acting in any such fiduciary capacity in this  State
 7    on July 13, 1953, although not eligible to so act pursuant to
 8    the  provisions  of  this  Article IV, may continue to act as
 9    fiduciary in that particular trust or estate until such  time
10    as it has completed its duties thereunder.
11    (Source: P.A. 85-858.)

12        Section  99.  Effective date.  This Act takes effect upon
13    becoming law.

[ Top ]