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|[ Introduced ]||[ Engrossed ]||[ House Amendment 001 ]|
|[ House Amendment 002 ]|
92_HB5860enr HB5860 Enrolled 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 Sections 4-2 and 9-6 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 HB5860 Enrolled -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 (205 ILCS 620/9-6) 13 Sec. 9-6. Audits. 14 (a) At least once in each calendar year a trust company 15
corporate fiduciarymust cause its books and records to be 16 audited by an independent licensed public accountant. The 17 Commissioner may prescribe the scope of the audit within 18 generally accepted audit principles and standards. 19 (b) The independent licensed public accountant shall 20 provide a written audit report to the trust company's 21 corporate fiduciary'sboard of directors or to a committee 22 appointed by the trust company's corporate fiduciary'sboard 23 of directors. If the audit report is given to a committee 24 appointed by the trust company's corporate fiduciary'sboard 25 of directors, the committee shall, within 30 days after the 26 date of receipt of the audit report, provide the board of 27 directors with a written summary of the audit findings as 28 detailed in the audit report. The trust company's board of 29 directors shall file with the Commissioner a copy of any 30 written summary of the audit findings provided to the board 31 pursuant to this subsection within 45 days after receipt by 32 the board of the written summary. 33 (c) The trust company's corporate fiduciary'sboard of HB5860 Enrolled -3- LRB9214920JSpc 1 directors or committee appointed by the board of directors 2 shall cause a copy of the audit report and any written3 summary pursuant to paragraph (b) of this Sectionto be filed 4 directly by the independent licensed public accountant with 5 the Commissioner within 45 days after receipt ofthe audit 6 report is issued. 7 (d) A trust company that is directly or indirectly owned 8 by a bank holding company, a financial holding company, or a 9 savings and loan holding company shall be deemed to be in 10 compliance with the provisions of subsections (a) through (c) 11 of this Section if the bank holding company, financial 12 holding company, or savings and loan holding company obtains 13 an audit by an independent licensed public accountant that 14 includes the trust company and meets the standards of 15 subsection (a) and, within 45 days after the audit report is 16 issued, the bank holding company, financial holding company, 17 or savings and loan holding company causes the independent 18 licensed public accountant to directly file with the 19 Commissioner the provisions of the audit report relating to 20 the trust company. 21 (Source: P.A. 92-485, eff. 8-23-01.) 22 Section 99. Effective date. This Act takes effect upon 23 becoming law.
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