(205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)
Sec. 1-7. Office locations; corporate fiduciaries.
(a) Any corporate fiduciary may establish branch offices at any
location. Any corporate fiduciary that seeks to establish a branch office
shall, if it is a trust company, apply for and obtain approval for the
branch office from the Secretary.
(b) Any trust company that proposes to establish a subsidiary,
whether by incorporating the subsidiary or by acquiring the subsidiary,
shall apply for and obtain prior approval from the Secretary 60 days
prior to commencing business by the subsidiary, if newly incorporated, or
prior to its acquisition, if it is acquired, provided the Secretary may
specify circumstances and conditions when a trust company may directly or
indirectly acquire a subsidiary without prior approval.
(Source: P.A. 100-48, eff. 8-11-17.)
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