reglab/housing_qa huggingface dataset:
205 ILCS 620/Art. II heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 ARTICLE II.      CERTIFICATE OF AUTHORITY AND ORGANIZATION
205 ILCS 620/2-1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-1)Sec. 2-1.   (a) Any corporation which has been or shall be  incorporated under the general corporation laws of this State for  the purpose of accepting and executing trusts, and any state  bank, state savings and loan association, state savings bank, or  other special corporation now or hereafter authorized by law to  accept or execute trusts, may be appointed to act as a fiduciary  in any capacity a natural person or corporation may act, and  shall include, but not be limited to, acting as assignee or trustee  by deed, and executor, guardian or trustee by will, custodian  under the Illinois Uniform Transfers to Minors Act and such appointment  shall be of like force as in case of appointment of a natural  person and shall be designated a corporate fiduciary.(b) No corporate fiduciary shall dissolve or cease its corporate  existence without prior notice to and approval by the Commissioner and  compliance with the requirements of Section 7-1 of this Act.  (Source: P.A. 100-863, eff. 8-14-18.)
205 ILCS 620/2-2
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-2)Sec. 2-2.         (a)  Whenever application shall be made to any  court in this State for the appointment of any receiver,  assignee, guardian, executor, administrator or other trustee or  fiduciary appointed by the court, it shall be lawful for such  court to appoint any corporate fiduciary as such trustee,  fiduciary, receiver, assignee, guardian, executor or  administrator.  Provided, any such appointment as guardian shall  apply to the estate only, and not to the person.(b) Any court having appointed and having jurisdiction of  any receiver, executor, administrator, guardian, assignee or  other trustee or fiduciary appointed by the court, upon the  application of such officer, trustee or fiduciary, or upon the  application of any person having an interest in the estate  administered by such officer, trustee or fiduciary, after such  notice to the other parties in interest as the court may direct,  and after a hearing upon such application, may order such  officer, trustee or fiduciary to deposit any moneys then in his,  her or its custody, or which may come into his, her or its  custody thereafter, and until the further order of the court,  with any corporate fiduciary, and upon deposit of such money, and  its receipt and acceptance by the corporate fiduciary, the  officer, trustee or fiduciary shall be discharged from further  care or responsibility therefor.  Such deposits shall be paid out  only upon the orders of said court.(c) Whenever, in the judgment of any court having  jurisdiction of any estate in process of administration by any  assignee, receiver, executor, administrator, guardian, or other  trustee or fiduciary, the bond required by law of such officer  shall seem burdensome or excessive, upon application of such  officer, trustee or fiduciary, and after such notice to the  parties in interest as the court shall direct, and after a  hearing on such application, the court may order the officer,  trustee or fiduciary to deposit with any corporate fiduciary for  safe keeping, such portion or all of the personal assets of the  estate as it shall deem proper, and thereupon, the court shall,  by an order entered of record, reduce the bond to be given, or  theretofore given by such officer, trustee or fiduciary, so as to  cover only the estate remaining in the custody of the officer,  trustee or fiduciary, and the property as deposited shall  thereupon be held by the corporate fiduciary under the orders and  directions of the court.    (Source: P.A. 85-858.)
205 ILCS 620/2-3
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-3)Sec. 2-3.         Corporate fiduciaries shall be entitled to and  shall be allowed reasonable compensation for all the services  performed by them under the provisions of this Act and the  corporate fiduciary shall be reimbursed for all proper expenses  incurred in the performance of their duties under this Act.    (Source: P.A. 85-858.)
205 ILCS 620/2-4
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-4)Sec. 2-4.     Certificate of authority.(a) It shall not be lawful for any person to engage in the trust  business, after the effective date of this amendatory Act of 1995, without  first filing an application for and procuring from the  Commissioner, a certificate of authority stating that such  person has complied with the requirements of this  Act and is qualified to engage in the trust business.(b) No natural person or natural persons, firm or partnership, or  corporation not having been authorized under this Act shall transact a trust  business.  A person who violates this Section is guilty  of a Class A misdemeanor, and the Attorney General or State's Attorney of the  county in which the violation occurs may restrain the violation by a complaint  for injunctive relief.    (Source: P.A. 89-364, eff. 8-18-95.)
205 ILCS 620/2-4.5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

Sec. 2-4.5.     Exemptions.     For the purposes of this Act, a person does not  engage in the trust business by:(1) the rendering of fiduciary services by an attorney-at-law admitted to  the  practice of law in this State;(2) rendering services as a certified or registered public accountant in the  performance of duties as such;(3) acting as a trustee or receiver in bankruptcy;(4) engaging in the business of an escrow agent;(5) receiving rents and proceeds of sale as a licensed real estate broker on  behalf of the principal;(6) acting as trustee under a deed of trust made only as security for the  payment of money or for the performance of another act;(7) acting in accordance with its authorized powers as a religious,  charitable, educational, or other not-for-profit corporation or as a charitable  trust or as an unincorporated religious organization;(8) engaging in securities transactions as a dealer or salesman;(9) acting as either a receiver under the supervision of a court or as  an assignee for the benefit of creditors under the supervision of a court;  or(10) engaging in such other activities that the Commissioner may prescribe  by  rule.    (Source: P.A. 89-364, eff. 8-18-95.)
205 ILCS 620/2-5
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-5)Sec. 2-5.         The application for a certificate of authority  shall be filed with the Commissioner, signed by the president or  vice president and attested by the corporate secretary or cashier  and acknowledged before some officer authorized by law to  acknowledge deeds.  The application shall set forth:(a) the name and address of the applicant;(b) a statement of the proposed management including  experience in administering trusts;(c) the duration of the proposed corporate fiduciary which  may be perpetual;(d) the amount of capital, surplus and reserve for  operating expenses of the corporate fiduciary or which will be  committed to the trust department if the applicant is a bank,  savings and loan association or savings bank;(e) a description of the capital structure of the corporate  fiduciary including the number of shares of stock, the classes of  such stock, the par value if any, and the amount for which each  share is to be sold;(f) a list of the powers, fiduciary appointments and fiduciary  functions the corporate fiduciary wishes to exercise; and(g) such other relevant information as the Commissioner may  require to support the findings the Commissioner is required to  make to issue a certificate of authority under this Act.    (Source: P.A. 86-754.)
205 ILCS 620/2-6
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-6)Sec. 2-6.         Upon the filing of an application for a certificate of authority,  the Commissioner shall cause to be made an investigation of the truth of the  statements therein and the background of the management and controlling  shareholder or shareholders and shall not approve the application and issue a  certificate of authority unless he shall be of the opinion and finds:(a) that the proposed capital at least meets the minimum amounts as  determined pursuant to this Act including amounts deemed necessary to support  the scope of the proposed operations;(b) that the general character and experience of the proposed management is  such as to assure reasonable promise of successful, safe and sound operation;  and(c) that the prior business affairs of the persons who will control the  corporate fiduciary or the proposed management personnel, whether as a  stockholder, director, officer, or customer, were conducted in a safe, sound  manner, and lawful manner.    (Source: P.A. 88-408.)
205 ILCS 620/2-7
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-7)Sec. 2-7.         A corporate fiduciary so incorporated or  authorized after January 1, 1988, shall have minimum capital as determined by the Commissioner as  necessary for safe and sound operation of a corporate  fiduciary.  The Commissioner shall record such organization  capital requirements in the Office of the  Secretary of State.  During the time that a corporate fiduciary shall continue in its  fiduciary business, it shall not withdraw, or permit to be withdrawn,  either in the form of dividends or otherwise, any portion of its capital  except as approved by the Commissioner.  The Commissioner may, after a  corporate fiduciary has been incorporated or authorized require additional  capital if the Commissioner finds the condition and operations of the  corporate fiduciary or its proposed scope of operations require such  additional capital to achieve or maintain a safe and sound condition.    (Source: P.A. 90-301, eff. 8-1-97.)
205 ILCS 620/2-9
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-9)Sec. 2-9.     (Repealed).     (Source: P.A. 85-858. Repealed by 89-364, eff. 8-18-95.)
205 ILCS 620/2-10
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

 (from Ch. 17, par. 1552-10)Sec. 2-10.         Every company may receive, by gift, legacy or  otherwise, moneys or real or personal property, or the income or avails of  such moneys or property, in trust, in perpetuity, for the improvement,  maintenance, ornamentation, repair, care and preservation of any burial lot  or grave, vault, tomb, or other such structures, in any cemetery, upon such  terms and in such manner as may be provided by the terms of the gift,  legacy or other conveyance of the moneys or property  in trust and  assented to by the company. Any such trust in perpetuity created, and held  by any such company, before July 1, 1943, shall, notwithstanding the  absence of statutory authority therefor, be valid unless within 3 years  after July 1, 1943, the trust is terminated by a court of competent  jurisdiction.    (Source: P.A. 85-858.)
205 ILCS 620/2-11
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

Sec. 2-11.     Retention of agents and advisors.     A corporate fiduciary may  hire and compensate, as an additional expense of the trust or estate,  agents, advisors (including financial, investment, and other advisors), and  brokers (including brokers for the sale or purchase of securities or other  property) to assist or advise the corporate fiduciary in the performance of  its duties, including persons and entities associated or affiliated with the  corporate fiduciary.    (Source: P.A. 89-205, eff. 1-1-96; 89-364, eff. 8-18-95; 90-298, eff. 8-1-97.)
205 ILCS 620/2-12
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

Sec. 2-12.     Reproductions of documents.     Notwithstanding any other provision  of law, if a corporate fiduciary possesses,  records, or creates any document, memorandum, writing, entry, representation,  or combination thereof, of any act, transaction, occurrence, event, or  agreement (including, without limitation, a trust agreement or amendment  thereto, but excluding in all events an original will or codicil thereto) and  in the regular course of business has caused any or all of the same to be  recorded, copied, or reproduced by photographic, photostatic, facsimile,  microfiche, optical, or electronic imaging, or any other electronic or  computer-generated process that accurately reproduces or forms a medium for so  reproducing the original, the original may be destroyed in the regular course  of business and such recording, copy, or reproduction shall be admissible in  evidence in the same manner as the original in any proceeding, whether the  original is in existence or not.  This Section shall not be construed to  exclude from evidence any document or copy thereof that is otherwise admissible  under the rules of evidence.    (Source: P.A. 90-298, eff. 8-1-97; 90-655, eff. 7-30-98.)
205 ILCS 620/2-13
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article II - Certificate of Authority and Organization

(205 ILCS 620/2-13)Sec. 2-13.     Employment of persons with convictions.     Except  with the prior written consent of the Commissioner, no person having a  certificate of authority under this Act shall knowingly employ or otherwise  permit an individual to serve as an officer, director, employee, or agent if  the individual has been convicted of a felony or of any criminal offense  relating to dishonesty or breach of trust.    (Source: P.A. 90-301, eff. 8-1-97; 90-655, eff. 7-30-98.)
205 ILCS 620/Art. III heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article III - Mergers, Change of Control, Successor Trustee

 ARTICLE III.      MERGERS, CHANGE OF CONTROL, SUCCESSOR TRUSTEE
205 ILCS 620/3-3
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article III - Mergers, Change of Control, Successor Trustee

(205 ILCS 620/3-3) (from Ch. 17, par. 1553-3)Sec. 3-3.     Successor trustee.(a) If any corporate fiduciary merges into, or  becomes consolidated with, another corporate fiduciary qualified  to administer trusts or is succeeded in its trust business by any  corporate fiduciary by purchase or otherwise; or if a bank  holding company causes a subsidiary, qualified to administer  trusts, to succeed to part or all of the trust business of any  other subsidiary of the same bank holding company, the surviving,  consolidated, successor corporate fiduciary or subsidiary shall  become successor fiduciary in place of such predecessor corporate  fiduciary, unless expressly prohibited by the provisions of the trust  instrument, with all the rights, powers and duties which were  granted to or imposed on such predecessor corporate fiduciary.(b) (Blank).(c) Notwithstanding any other provision of law, a corporate fiduciary may  delegate to any of its affiliates qualified to administer trusts any or  all fiduciary duties, actions or decisions, discretionary or otherwise, and the  delegating corporate fiduciary shall not be required to review any delegated  actions or decisions taken by the affiliate.  The term "affiliate" means any  state bank, any state savings bank, any state savings and loan association,  any national bank, any trust company, or any other corporation,  which is qualified to act as a fiduciary in this or any other  state and which is a member of the same affiliated group (within  the meaning of Section 1504 of the Internal Revenue Code of 1986, as amended).    (Source: P.A. 90-14, eff. 7-1-97; 91-97, eff. 7-9-99.)
205 ILCS 620/Art. IV heading
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IV - Foreign Corporate Fiduciaries

 ARTICLE IV.      FOREIGN CORPORATE FIDUCIARIES
205 ILCS 620/4-1
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IV - Foreign Corporate Fiduciaries

 (from Ch. 17, par. 1554-1)Sec. 4-1.     Foreign corporate fiduciary; certificate of authority.     After  July 13, 1953, no foreign corporation,  including banks, savings banks, and savings and loan associations, now or  hereafter organized under the laws of any other state or  territory, and no national banking association having its  principal place of business in any other state or territory or  federal savings and loan association or federal savings bank  having its principal place of business in any other state or  territory, may procure a certificate of authority under Article  II of this Act and any certificate of authority heretofore issued  hereunder to any such foreign corporation or to any such national  banking association shall become null and void on July 13, 1953,  except that any such foreign corporation or any such national  banking association actually acting as trustee, executor,  administrator, administrator to collect, guardian, or in any  other like fiduciary capacity in this State on July 13, 1953, may  continue to act as such fiduciary in that particular trust or  estate until such time as it has completed its duties  thereunder.  Such foreign corporation and such national banking  association shall be subject to the provisions in this Article IV,  regardless of whether its certificate of authority was obtained before July  13, 1953.  The right and eligibility of any foreign  corporation, any national banking association having its  principal place of business in any other state or territory or  any federal savings and loan association or federal savings bank  having its principal place of business in any other state or  territory hereafter to act as trustee, executor, administrator,  administrator to collect, guardian, or in any other like  fiduciary capacity in this State shall be governed solely by the  provisions of this Act.  Provided, however,  that the Commissioner shall not be required to conduct an annual examination of  such foreign corporation pursuant to Section 5-2 of this Act, but may examine  such foreign corporation as the Commissioner deems appropriate.  "Principal  place of business" of any bank, federal savings and loan  association or savings bank, for purposes of this Article IV, means the  principal office as designated on the charter by its principal regulator.    (Source: P.A. 91-97, eff. 7-9-99.)
205 ILCS 620/4-2
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article IV - Foreign Corporate Fiduciaries

 (from Ch. 17, par. 1554-2)Sec. 4-2.     Foreign corporation; eligibility.     Any foreign corporation may  act in this State  as trustee, executor, administrator, administrator to collect,  guardian, or in any other like fiduciary capacity, whether the  appointment is by will, deed, court order or otherwise, without  complying with any laws of this State relating to the  qualification of corporations organized under the laws of this  State to conduct a trust business or laws relating to the  qualification of foreign corporations, provided only (1) such  foreign corporation is authorized by the laws of the state of its  organization or domicile to act as a fiduciary in that state, and  (2) a corporation organized under the laws of this State, a  national banking association having its principal place of  business in this State, and a federal savings and loan  association or federal savings bank having its principal place of  business in this State and authorized to act as a fiduciary in  this State, may, in such other state, act in a similar fiduciary capacity or  capacities, as the case may be, upon conditions and  qualifications which the Commissioner finds are not unduly  restrictive when compared to those imposed by the laws of  Illinois.  Any foreign corporation eligible to act in a fiduciary  capacity in this State pursuant to the provisions of this Act,  shall be deemed qualified to accept and execute trusts in this  State within the meaning of this Act and the Probate Act of 1975, approved  August 7, 1975, as amended.  No foreign corporation shall be  permitted to act as trustee, executor, administrator,  administrator to collect, guardian or in any other like fiduciary  capacity in this State except as provided in Article IV of this  Act; however, any foreign corporation actually acting in any such  fiduciary capacity in this State on July 13, 1953, although not  eligible to so act pursuant to the provisions of this Article IV,  may continue to act as fiduciary in that particular trust or  estate until such time as it has completed its duties thereunder.    (Source: P.A. 92-685, eff. 7-16-02.)