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205 ILCS 620/4-1
(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.)
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