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Public Act 100-0048
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| HB1809 Enrolled | LRB100 05755 SMS 15778 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Corporate Fiduciary Act is amended by |
changing Section 1-7 as follows:
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(205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)
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Sec. 1-7. Office locations; corporate fiduciaries.
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(a) Any corporate fiduciary may establish branch offices at |
any
location. Any corporate fiduciary that seeks to establish a |
branch office
shall, if it is a trust company, apply for and |
obtain approval for the
branch office from the Secretary |
Commissioner or, if it is a bank, savings and loan
association, |
or savings bank, give notice of its intent to establish a
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branch office to the Commissioner, 30 days prior to the |
purchasing or
leasing of land, building, or equipment for the |
branch office under the
terms and conditions as the |
Commissioner shall specify by rule.
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(b) Any trust company that proposes to establish a |
subsidiary,
whether by incorporating the subsidiary or by |
acquiring the subsidiary,
shall apply for and obtain prior |
approval from the Secretary Commissioner 60 days
prior to |
commencing business by the subsidiary, if newly incorporated, |
or
prior to its acquisition, if it is acquired, provided the |