205 ILCS 620/5-6
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article V - Supervision of Corporate Fiduciaries and Powers of the Commissioner

 (from Ch. 17, par. 1555-6)Sec. 5-6. Removal orders. Whenever, in the opinion of the Secretary,  any director, officer, employee, or agent of a corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary  shall have violated any law, rule, or order relating to the corporate  fiduciary  or subsidiary or corporate parent of the corporate fiduciary, shall have  engaged in an unsafe or unsound practice in conducting  the  business of the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary, or shall  have violated any law or  engaged or participated in any unsafe or unsound practice in connection with  any financial institution or other business entity such that the character and  fitness of the director, officer, employee, or agent does not assure reasonable  promise of safe and sound operation of the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary, the Secretary   may issue an order of  removal.  If in the opinion of the Secretary, any former director, officer,  employee, or agent of a corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary, prior to the  termination of his  or her service with the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary, violated any  law, rule, or order  relating to the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary  or engaged in an unsafe or unsound practice  in conducting the business of the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary  or violated any law or  engaged or participated in any unsafe or unsound practice in connection with  any financial institution or other business entity such that the character and  fitness of the director, officer, employee, or agent would not have assured  reasonable promise of safe and sound operation of the corporate fiduciary  or subsidiary or corporate parent of the corporate fiduciary,  the  Secretary may issue  an order prohibiting that person from further service with a corporate  fiduciary  or subsidiary or corporate parent of the corporate fiduciary  as a director, officer, employee, or agent. An order issued pursuant  to this Section shall be served upon the  director, officer, employee, or  agent.  A copy of the order shall be sent to each director of the corporate  fiduciary  affected by personal service, certified mail return receipt  requested, or any other method that provides proof of service and receipt.  A copy of the order shall  be served upon the corporate fiduciary  of which the person is a  director, officer, employee, or agent, whereupon the person shall cease to be a  director,  officer, employee, or agent of the corporate fiduciary.  Any person who has  been removed or prohibited by an order of the Secretary under this  Section or subsection  (7) of Section 48 of the Illinois Banking Act may not thereafter serve as  director, officer, employee, or agent of any State bank or corporate fiduciary,  or of any other entity that is subject to licensure or regulation by the Division of Banking   unless the Secretary    has granted prior approval in writing.   The Secretary may institute a civil  action against the  director,  officer, employee, or agent subject to an order issued under this Section and  against the corporate fiduciary  to enforce compliance with or to enjoin any  violation of the terms of the order.  (Source: P.A. 96-1163, eff. 1-1-11.)