Illinois General Assembly - Full Text of HB3661
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Full Text of HB3661  93rd General Assembly

HB3661sam002 93rd General Assembly


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                                     LRB093 09245 RLC 15281 a

 1                    AMENDMENT TO HOUSE BILL 3661

 2        AMENDMENT NO.     .  Amend House Bill 3661,  AS  AMENDED,
 3    in  the introductory clause of Section 5, by changing "367.2,
 4    and 367e" to "367.2, 367e, and 404.1"; and

 5    in Section 5, at the end, by inserting the following:

 6        "(215 ILCS 5/404.1) (from Ch. 73, par. 1016.1)
 7        Sec. 404.1.  Safekeeping of deposits.  The  Director  may
 8    maintain with a corporation qualified to administer trusts in
 9    this  State  under  the  Corporate  Fiduciary  Act "An Act to
10    provide for and regulate  the  administration  of  trusts  by
11    trust companies", approved June 15, 1887, as amended, for the
12    securities  deposited  with  the  Director, a limited agency,
13    custodial, or depository account, or other  type  of  account
14    for  the  safekeeping of those securities, and for collecting
15    the income from those  securities  and  providing  supportive
16    accounting   services   relating   to  such  safekeeping  and
17    collection.   Such  a  corporation,   in   safekeeping   such
18    securities,  shall  have  all  the powers, rights, duties and
19    responsibilities that it has for holding  securities  in  its
20    fiduciary accounts under the Securities in Fiduciary Accounts
21    Act  "An Act concerning the powers of corporations authorized
22    to accept and execute trusts, to register and hold securities
 
                            -2-      LRB093 09245 RLC 15281 a
 1    of fiduciary accounts in bulk and  to  deposit  same  with  a
 2    clearing   corporation",   approved  September  1,  1972,  as
 3    amended.  The Director  shall  arrange  with  any  depository
 4    institution  that  has  been authorized to accept and execute
 5    trusts to provide for collateralization of any cash  accounts
 6    resulting  from the failure of any depositing company to give
 7    instruction regarding the investment of any such cash amounts
 8    as provided for by Section 6 of the Public  Funds  Investment
 9    Act.
10    (Source: P.A. 83-746.)".