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Full Text of SB3204  97th General Assembly

SB3204sam001 97TH GENERAL ASSEMBLY

Sen. Kirk W. Dillard

Filed: 3/22/2012

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 3204

2    AMENDMENT NO. ______. Amend Senate Bill 3204 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Power of Attorney Act is amended
5by changing Section 2-4 as follows:
 
6    (755 ILCS 45/2-4)  (from Ch. 110 1/2, par. 802-4)
7    Sec. 2-4. Applicability. (a) The principal may specify in
8the agency the event or time when the agency will begin and
9terminate, the mode of revocation or amendment and the rights,
10powers, duties, limitations, immunities and other terms
11applicable to the agent and to all persons dealing with the
12agent, and the provisions of the agency will control
13notwithstanding this Act, except that every health care agency
14must comply with Section 4-5 of this Act.
15    (b) From and after the effective date of this Act: (1) this
16Act governs every agency, whenever and wherever executed, and

 

 

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1all acts of the agent to the extent the provisions of this Act
2are not inconsistent with the agency; and (2) this Act applies
3to all agencies exercised in Illinois and to all other agencies
4if the principal is a resident of Illinois at the time the
5agency is signed or at the time of exercise or if the agency
6indicates that Illinois law is to apply. Providing forms of
7statutory property and health care powers in Articles III and
8IV does not limit the applicability of this Act, it being
9intended that every agency, including, without limitation, the
10statutory property and health care power agencies, shall have
11the benefit of and be governed by Article II, by Sections 4-1
12through 4-9 and Section 4-11 of Article IV, and by all other
13general provisions of this Act, except to the extent the terms
14of the agency are inconsistent with this Act.
15    (c) Notwithstanding the provisions of subsections (a) and
16(b), this Act shall not apply to an agreement or contract
17described in any of items (1) through (8) of this subsection
18under which a financial institution, defined as a (i) bank,
19trust company, savings bank, or savings and loan holding a
20federal charter or a charter from any of the states that is
21subject to regulation by the Illinois Secretary of Financial
22and Professional Regulation or (ii) broker-dealer registered
23with the United States Securities and Exchange Commission, is
24named as an agent for any person, provided that the agreement
25or contract does not include in its terms a durable power of
26attorney that survives the incapacity of the principal:

 

 

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1        (1) a proxy or other delegation to exercise voting
2    rights or management rights with respect to a corporation,
3    partnership (general or limited), limited liability
4    company, condominium, commercial entity, or association;
5        (2) an agreement or contract given to a financial
6    institution to facilitate a specific transfer or
7    disposition of one or more identified stocks, bonds, or
8    assets, whether real or personal, tangible or intangible;
9        (3) an agreement or directive authorizing a financial
10    institution to prepare, execute, deliver, submit, or file a
11    document or instrument with a government or governmental
12    subdivision, agency, or instrumentality, or other third
13    party;
14        (4) an agreement or contract authorizing a financial
15    institution or an officer of a financial institution to
16    take a specific action or actions in relation to an account
17    in which the financial institution (i) holds cash,
18    securities, commodities, or other financial assets on
19    behalf of the principal or (ii) acts as an investment
20    manager with a third-party serving as the custodian of such
21    cash, securities, commodities, or other financial assets
22    on behalf of the principal;
23        (5) an agreement or contract authorizing a financial
24    institution to take specific actions with respect to
25    collateral in connection with a loan or other secured
26    credit transaction other than a mortgage;

 

 

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1        (6) an agreement or contract given to a financial
2    institution by an individual who is, or is seeking to
3    become, a director, officer, stockholder, employee,
4    partner (general or limited), member, unit owner, equity
5    owner, trustee, manager, or agent of a corporation, a
6    partnership (general or limited), a limited liability
7    company, a condominium, a legal or commercial entity, or an
8    association, in that individual's capacity as such,
9    including an agreement or directive contained in a
10    subscription agreement;
11        (7) an authorization contained in a certificate of
12    incorporation, bylaws, general or limited partnership
13    agreement, limited liability company agreement,
14    declaration of trust, declaration of condominium,
15    condominium offering plan, or other agreement or
16    instrument governing the internal affairs of an entity or
17    association authorizing a director, officer, shareholder,
18    employee, partner (general or limited), member, unit
19    owner, equity owner, trustee, manager, or other person to
20    take lawful actions relating to such entity or association;
21    or
22        (8) an agreement authorizing the acceptance of the
23    service of process on behalf of the person executing the
24    agreement.
25    (d) An agreement or contract described in subsection (c) is
26not a "nonstatutory property power" subject to subsection (b)

 

 

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1of Section 3-3. This subsection (d) is declarative of existing
2law and is applicable to all agreements or contracts whenever
3executed.
4(Source: P.A. 86-736.)
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.".