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Full Text of SB3204  97th General Assembly

SB3204sam002 97TH GENERAL ASSEMBLY

Sen. Kirk W. Dillard

Filed: 3/27/2012

 

 


 

 


 
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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, savings and loan, or credit union
20holding a federal charter or a charter from any of the states
21that is subject to regulation by the Illinois Secretary of
22Financial and Professional Regulation or (ii) broker-dealer
23registered with the United States Securities and Exchange
24Commission, is named as an agent for any person, provided that
25the agreement or contract does not include in its terms a
26durable power of attorney that survives the incapacity of the

 

 

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

 

 

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1    credit transaction other than a mortgage;
2        (6) an agreement or contract given to a financial
3    institution by an individual who is, or is seeking to
4    become, a director, officer, stockholder, employee,
5    partner (general or limited), member, unit owner, equity
6    owner, trustee, manager, or agent of a corporation, a
7    partnership (general or limited), a limited liability
8    company, a condominium, a legal or commercial entity, or an
9    association, in that individual's capacity as such,
10    including an agreement or directive contained in a
11    subscription agreement;
12        (7) an authorization contained in a certificate of
13    incorporation, bylaws, general or limited partnership
14    agreement, limited liability company agreement,
15    declaration of trust, declaration of condominium,
16    condominium offering plan, or other agreement or
17    instrument governing the internal affairs of an entity or
18    association authorizing a director, officer, shareholder,
19    employee, partner (general or limited), member, unit
20    owner, equity owner, trustee, manager, or other person to
21    take lawful actions relating to such entity or association;
22    or
23        (8) an agreement authorizing the acceptance of the
24    service of process on behalf of the person executing the
25    agreement.
26    (d) An agreement or contract described in subsection (c) is

 

 

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1not a "nonstatutory property power" subject to subsection (b)
2of Section 3-3. This subsection (d) is declarative of existing
3law and is applicable to all agreements or contracts whenever
4executed.
5(Source: P.A. 86-736.)
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.".