2005 Illinois Code - 205 ILCS 620/ Corporate Fiduciary Act. Article IX - Miscellaneous Provisions, Fiduciary Advisory Committee
(205 ILCS 620/Art. IX heading)
ARTICLE IX.
MISCELLANEOUS PROVISIONS,
FIDUCIARY ADVISORY COMMITTEE
(205 ILCS 620/9‑1) (from Ch. 17, par. 1559‑1)
Sec. 9‑1.
Illinois Fiduciary Advisory Committee.
There is created an
Illinois Fiduciary Advisory Committee
which shall consist of the Commissioner, who shall be its Chairman and
8 additional members divided into 2 groups designated Group one and
Group two. These 8 members shall be appointed by the
Governor
with the advice and consent of the Senate and shall have the following
qualification:
Group one shall consist of 6 members, each of whom shall be a trust officer
of a
State chartered bank, savings bank, or savings and loan association
located in the State of Illinois, and shall have experience in the
field of corporate fiduciary administration.
Group two shall consist of 2 members, each of whom shall be an executive
officer
of an independent trust company located in the State of Illinois and shall have
experience in the field of corporate fiduciary
administration.
(Source: P.A. 89‑364, eff. 8‑18‑95; 90‑301, eff. 8‑1‑97.)
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(205 ILCS 620/9‑2) (from Ch. 17, par. 1559‑2)
Sec. 9‑2.
The terms of office of the members of the Committee shall be
as follows:
(a) The terms of office of all members initially appointed shall
begin on January 1, 1986.
(b) The members first appointed as Group one members shall have the
following terms as designated by the Governor: two members for a
term of 1 year,
one member for a term of 2 years, two members for a term of 3 years
and one member for a term of 4 years. Thereafter, the term of office
of each Group one member shall be for 4 years, except that an appointment
to fill a vacancy shall be for the unexpired term of the member whose vacancy
is being filled.
(c) The members first appointed as Group two members shall have the
following terms designated by the Governor: One member for a term of
2 years and
one member for a term of 4 years. Thereafter, the terms of office of
each Group two member shall be for 4 years, except that an appointment
to fill a vacancy shall be for the unexpired term of the member whose vacancy
is being filled.
(d) No member may serve more than 2 consecutive 4‑year terms; however,
no initial term of office beginning January 1, 1986 which is less than
4 years and no part of a term of office to which a member may have been
appointed to fill a vacancy, shall be considered in determining the number
of consecutive terms which a member may serve.
(e) The term of office of any member of the Illinois Fiduciary Advisory
Committee shall terminate automatically when the member no longer meets the
qualifications for that member's appointment to the Committee.
(Source: P.A. 90‑301, eff. 8‑1‑97.)
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(205 ILCS 620/9‑3) (from Ch. 17, par. 1559‑3)
Sec. 9‑3.
The Committee shall meet at least once in each calendar year
at a time and place designated by the Commissioner. Special meetings may
be called by the Commissioner or at the request of any 3 members of
the committee. Each member shall serve without compensation,
but shall be reimbursed for ordinary and necessary expenses incurred in
attending Committee meetings.
(Source: P.A. 85‑858.)
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(205 ILCS 620/9‑4) (from Ch. 17, par. 1559‑4)
Sec. 9‑4.
The Committee shall have the following powers:
(a) To make
recommendations to the Commissioner concerning matters which he may refer
to the Committee for consideration;
(b) To make recommendations to the Commissioner concerning the following:
(1) the administration of fiduciary accounts by corporations, and
(2) the examination and supervisory policies and procedures of the Commissioner;
(c) To make recommendations to the Commissioner to aid in preventing and
minimizing unsafe and unsound practices in the field of fiduciary administration
by corporations; and
(d) To foster and encourage the interest and cooperation of persons involved
in the delivery of services to the public by corporations acting in a fiduciary
capacity and in the improvement of such services.
(Source: P.A. 85‑858.)
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(205 ILCS 620/9‑5) (from Ch. 17, par. 1559‑5)
Sec. 9‑5.
Applicability of other Acts by reference.
Corporate fiduciaries subject to the provisions of this Act shall
continue to be subject to the provisions of other Acts which
govern actions of trustees including, but not limited to:
(a) "An Act to provide for the appointment of successor
trustees in land trust agreements", approved August 13, 1965, as amended.
(b) "An Act to require disclosure, under certification of
perjury, of all beneficial interests in real property held in a
land trust, in certain cases", approved September 21, 1973, as amended.
(c) "An Act in relation to land trusts and the power and
authority of trustees of land trusts to deal with trust
property", approved August 6, 1982, as amended.
(d) "An Act concerning the powers of corporations
authorized to accept and execute trusts, to register and hold
securities of fiduciary accounts in bulk and to deposit same with
a depository", approved September 1, 1972, as amended.
(e) the "Common Trust Fund Act", approved July 29, 1943, as amended.
(f) the "Trusts and Trustees Act", approved September 10, 1973, as amended.
(g) "An Act concerning liability for participation in
breaches of fiduciary obligations", approved July 7, 1931, as amended.
(Source: P.A. 85‑858.)
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(205 ILCS 620/9‑6)
Sec. 9‑6.
Audits.
(a) At least once in each calendar year a
trust company must cause its books and records to
be audited by an
independent
licensed public accountant. The Commissioner may prescribe the scope
of the audit within generally accepted audit principles and standards.
(b) The independent licensed public accountant shall provide a written
audit report to the trust company's board of
directors or to a committee
appointed by the trust company's board of
directors. If the audit report
is given to
a committee appointed by the trust company's
board of directors, the
committee
shall, within 30 days after the date of receipt of the audit report, provide
the
board of directors with a written summary of the audit findings as detailed
in the audit report.
The trust company's board of directors shall file with the Commissioner a
copy of any written summary of the audit findings provided to the board
pursuant to this subsection within 45 days after receipt by the board of
the written summary.
(c) The trust company's board of directors or
committee appointed by
the
board of directors shall cause a copy of the audit report to be filed directly by the
independent licensed public accountant with the Commissioner
within 45 days after the audit report is issued.
(d) A trust company that is directly or indirectly owned by a bank
holding company, a financial holding company, or a savings and loan holding
company shall be deemed to be in compliance with the provisions of subsections
(a) through (c) of this Section if the bank holding company, financial holding
company, or savings and loan holding company obtains an audit by an independent
licensed public accountant that includes the trust company and meets the
standards of subsection (a) and, within 45 days after the audit report is
issued, the bank holding company, financial holding company, or savings and
loan holding company causes the independent licensed public accountant to
directly file with the Commissioner the provisions of the audit report relating
to the trust company.
(Source: P.A. 92‑485, eff. 8‑23‑01; 92‑685, eff. 7‑16‑02.)
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