2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 620/ - Corporate Fiduciary Act. › Article IX - Miscellaneous Provisions

(205 ILCS 620/Art. IX heading)
ARTICLE IX.  MISCELLANEOUS PROVISIONS
(Source: P.A. 97-492, eff. 1-1-12.)
(205 ILCS 620/9-1)
Sec. 9-1. (Repealed).
(Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)
(205 ILCS 620/9-2)
Sec. 9-2. (Repealed).
(Source: P.A. 90-301, eff. 8-1-97. Repealed by P.A. 97-492, eff. 1-1-12.)
(205 ILCS 620/9-3)
Sec. 9-3. (Repealed).
(Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)
(205 ILCS 620/9-4)
Sec. 9-4. (Repealed).
(Source: P.A. 85-858. Repealed by P.A. 97-492, eff. 1-1-12.)
(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 Illinois Trust Code.
(g) "An Act concerning liability for participation in
breaches of fiduciary obligations", approved July 7, 1931, as amended.
(Source: P.A. 101-48, eff. 1-1-20.)
(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.)