2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 620/ - Corporate Fiduciary Act. › Article IV - Foreign Corporate Fiduciaries

(205 ILCS 620/Art. IV heading)
ARTICLE IV.  
		FOREIGN CORPORATE FIDUCIARIES
(205 ILCS 620/4-1) (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) (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.)
(205 ILCS 620/4-3) (from Ch. 17, par. 1554-3)
Sec. 4-3. 
		Service of process upon Secretary of State. 
		Any foreign corporation acting in this State in a fiduciary
capacity pursuant to the provisions of Article IV and Article IVA of this
Act
shall be deemed to have appointed the Secretary of State to be
its true and lawful attorney upon whom may be served all legal
process in any action or proceeding against it relating to or
growing out of any trust, estate or matter in respect of which
such foreign corporation has acted or is acting in this state in
any such fiduciary capacity, and the acceptance of or engagement
in this State in any acts in any such fiduciary capacity shall be
signification of its agreement that any such process against it
which is so served, shall be of the same legal force and validity
as though served upon it personally.  Service of such process
shall be made by delivering to the Secretary of State, the
corporation department of the office a copy of such process,
together with the fee for service of process required by the
Secretary of State, and such service shall be sufficient service
upon said foreign corporation if notice of such service and a
copy of the process are, within 10 days thereafter, sent by
registered mail by the plaintiff to the defendant at its
principal office in such other state or territory and the
plaintiff's affidavit of compliance herewith is appended to the
summons.  The court in which the action is pending may order such
continuances as may be necessary to afford the defendant
reasonable opportunity to defend the action.  The fee paid by the
plaintiff to the Secretary of State at the time of the service
may be recovered as taxable costs by the plaintiff if such party
prevails in the action.  The Secretary of State shall keep a
record of all process served upon him under this section and
shall record therein the time of such service.
(Source: P.A. 92-483, eff. 8-23-01.)
(205 ILCS 620/4-4) (from Ch. 17, par. 1554-4)
Sec. 4-4. 
		
		Place of business not to be established in
State; not deemed transacting business.
(a) A foreign corporation,
as defined in Section 1-5.08 of this Act, shall not establish in
this State a place of business, branch office, or agency for the
conduct of business as a fiduciary and because it is not permitted to
establish in this State a place of business, branch office or
agency, a foreign corporation
insofar as it acts in a fiduciary capacity in this State pursuant
to the provisions of this Act shall not be deemed to be
transacting business in this State.
The foreign corporation may apply for, and
procure from the Commissioner, a license to establish a representative office
pursuant to the Foreign Bank Representative Office Act.
The provisions of this subsection (a) do not apply to foreign
corporations establishing or acquiring and maintaining a place of business in
this State to conduct business as a fiduciary in accordance with Article IVA of
this Act.
(b) Notwithstanding subsection (a) of this Section 4-4, after May 31,
1997, a branch of an out-of-state bank, as defined in Section 2 of the Illinois
Banking Act, and a foreign association, as defined in
Section 1-10.31 of the Illinois Savings and Loan Act of 1985, may establish
an office
in this State for the conduct of business
as a fiduciary, provided: (i) fiduciary
business conducted in this State by a branch of an out-of-state bank is subject
to examination by the Commissioner; and (ii) the trust activities
of the
branch of the out-of-state bank are subject to regulation, including
enforcement actions, by the Commissioner to the same extent as Illinois
corporate fiduciaries.
(Source: P.A. 91-97, eff. 7-9-99; 92-483, eff. 8-23-01.)
(205 ILCS 620/4-5) (from Ch. 17, par. 1554-5)
Sec. 4-5. 
		
		Certificate of authority; fees; certificate of
reciprocity.
(a) Prior to the time any foreign corporation acts in this State as
testamentary trustee, trustee appointed by any court, trustee under any written
agreement, declaration or instrument of trust, executor, administrator,
administrator to collect, guardian or in any other like fiduciary capacity,
such foreign corporation shall apply to the Commissioner of Banks and Real
Estate for a certificate of authority with reference to
the fiduciary capacity or capacities in which such foreign corporation proposes
to act in this State, and the Commissioner of Banks and Real Estate shall issue a certificate of authority to such corporation
concerning only the fiduciary capacity or such of the fiduciary capacities to
which the application pertains and with respect to which he has been furnished
satisfactory evidence that such foreign corporation meets the requirements of
Section 4-2 of this Act.  The certificate of authority shall set forth the
fiduciary capacity or capacities, as the case may be, for which the certificate
is issued, and shall recite and certify that such foreign corporation is
eligible to act in this State in such fiduciary capacity or capacities, as the
case may be, pursuant to the provisions of this Act.  The certificate of
authority shall remain in full force and effect until such time as such foreign
corporation ceases to be eligible so to act under the provisions of this Act.
(b) Each foreign corporation making application for a certificate of
authority shall pay reasonable fees to the Commissioner of Banks and Real
Estate as determined by the Commissioner for the services
of his office.
(c) Any foreign corporation holding a certificate of
reciprocity which recites and certifies that such foreign
corporation is eligible to act in this State in any such
fiduciary capacity pursuant to the provisions of Article IV of
this Act or any predecessor Act upon the same subject, issued
prior to the effective date of this amendatory Act of 1987 may
act in this State under such certificate of reciprocity in any
such fiduciary capacity without applying for a new certificate of
authority.  Such certificate of reciprocity shall remain in full
force and effect until such time as such foreign corporation
ceases to be eligible so to act under the provisions of Article
IV of this Act.
(d) Any foreign corporation acting in Illinois under a certificate of
authority or a certificate of reciprocity shall report changes in its name
or address to the Commissioner and shall notify the Commissioner when it is
no longer serving as a corporate fiduciary in Illinois.
(e) The provisions of this Section shall not apply to a foreign
corporation establishing or acquiring and maintaining a place of business in
this State to conduct business as a fiduciary in accordance with Article IVA
of this Act.
(Source: P.A. 92-483, eff. 8-23-01.)