Section 120.260  Corporate Officers and Directors

a)         The provisions of Sections 4 and 10 of the Illinois Currency Exchange Act, relating to the qualifications of officers and directors of corporate licensees, shall apply to all officers and directors of corporate licensees without regard as to the time of the election or to the designation of such officers or directors.

b)         When any corporate licensee shall elect or otherwise designate any person as an officer or director who is not then an officer or director of such a corporate licensee, written notice of the fact of the election or designation of such a new officer or director, certified by the secretary of the licensee, shall be promptly given to the Director of the Department of Financial Institutions; and such a new officer or director shall not assume the office to which he has been elected or designated until he shall have first complied with the provision of Sections 4 and 10 of the Currency Exchange Act, relating to the qualifications of officers and directors of Community Currency Exchanges and Ambulatory Currency Exchanges.

(Source:  Amended at 9 Ill. Reg. 1358, effective January 17, 1985)