205 ILCS 620/6-4
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article VI - Receiver and Involuntary Liquidation

 (from Ch. 17, par. 1556-4)Sec. 6-4.     Judicial proceedings; examination.(a) Promptly after taking possession and control of a corporate  fiduciary, the Commissioner shall file a copy of the notice posted upon the  premises in the circuit court in the county in which the corporate fiduciary is  located, which cause shall be entered as a court action upon the dockets of  such court under the name and style of "In the matter of the possession and  control of the Commissioner of Banks and Real Estate  of ......" (inserting the name of such corporate fiduciary).  If the  Commissioner  determines (which determination may be made at the time of, or at any time  subsequent to, his taking possession and control of a corporate fiduciary) that  no practical possibility exists to reorganize the corporate fiduciary after  reasonable efforts have been made, the Commissioner, represented by the  Attorney General shall also file a complaint, if he has not already done so  under Section 58 of the Illinois Banking Act, as now or hereafter amended, for  the appointment of a receiver or such other proceeding as is appropriate under  the circumstances.  The court where the cause is docketed shall be vested with  jurisdiction to hear and determine all issues and matters pertaining to or  connected with the Commissioner's possession and control of such corporate  fiduciary as provided in this Act, and such further issues and matters  pertaining to or connected with the Commissioner's possession and control as  may be submitted to such court for its adjudication by the Commissioner.(b) The Commissioner, upon taking possession and control of a corporate  fiduciary, may, and, if he has not previously done so, shall, immediately upon  filing a complaint for dissolution, make an examination of the  affairs of the corporate fiduciary or appoint a corporate fiduciary or  other suitable person to make the examination as the Commissioner's agent.  The examination shall be conducted in accordance with and pursuant to the  authority granted under Section 5-2 of this Act, and the corporate  fiduciary or other suitable person conducting the examination shall have  and may exercise on behalf of the Commissioner all of the powers and  authority granted to the Commissioner thereunder.  The report of  examination shall, to the extent reasonably possible, identify those  governing instruments with specific instructions concerning the appointment  of a successor fiduciary.  A copy of the report shall be filed in any  dissolution proceeding filed by the Commissioner.  The reasonable fees and  necessary expenses of the examining corporate fiduciary or other suitable  person, as approved by the Commissioner or as recommended by the  Commissioner and approved by the court if a dissolution proceeding has been  filed, shall be borne by the subject corporate fiduciary and shall have the  same priority for payment as the reasonable and necessary  expenses of the Commissioner in conducting an examination.As soon as reasonably can be done, the Commissioner, if he deems it  advisable, shall seek the advice and instruction of the court concerning  the removal of the corporate fiduciary as to all of its fiduciary accounts  and the appointment of a successor fiduciary (which may be the examining  corporate fiduciary) to take over and administer all of the fiduciary  accounts being administered by the trust department of the corporate  fiduciary.  The corporate fiduciary or other suitable person appointed to make  the examination shall make a proper accounting, in the manner and scope as  determined by the Commissioner to be practical and advisable under the  circumstances, on behalf of the trust department of the corporate fiduciary  and no guardian ad litem need be appointed to review the accounting.    (Source: P.A. 89-508, eff. 7-3-96.)