CORP FID FOREIGN ELIGIBILITY
Synopsis of Bill as introduced:
Amends the Corporate Fiduciary Act. Provides that a foreign
corporation eligible to act in a fiduciary capacity in this State
shall be deemed qualified to accept and execute trusts within the
meaning of the Corporate Fiduciary Act as well as the Probate Act of
1975. Effective immediately.
HOUSE AMENDMENT NO. 1.
Adds reference to:
205 ILCS 620/9-6
Removes the requirement that corporate fiduciaries obtain an
audit by an independent licensed public accountant once each calendar
year. Retains the audit requirement for certain trust companies.
Exempts trust companies owned by a bank holding company, a financial
holding company, or a savings and loan holding company from audit
requirements unless the audit requirements are ordered by the
Commissioner of Banks and Real Estate.
HOUSE AMENDMENT NO. 2.
Amends the Corporate Fiduciary Act in relation to audits of trust
companies. Removes provision exempting trust companies owned by a
bank holding company, a financial holding company, or a savings and
loan holding company from certain audit requirements. Provides that
trust companies owned by those entities shall be deemed to be in
compliance with those audit requirements if the entity that owns the
trust company obtains an audit by an independent licensed public
accountant that includes the trust company and meets certain statutory
requirements and if a copy of the audit report relating to the trust
company is filed with the Commissioner of Banks and Real Estate.
Last action on Bill: PUBLIC ACT.............................. 92-0685
Last action date: JUL-16-2002
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
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