(215 ILCS 5/404.1)
(from Ch. 73, par. 1016.1)
Safekeeping of deposits.
The Director may maintain with
a corporation qualified to administer trusts in this State under the
Corporate Fiduciary Act for the securities deposited with the
Director, a limited agency, custodial, or depository account, or other type
of account for the safekeeping of those securities, and for collecting the
income from those securities and providing supportive accounting services
relating to such safekeeping and collection. Such a corporation, in
such securities, shall have all the powers, rights, duties and responsibilities
that it has for holding securities in its fiduciary accounts under the
Securities in Fiduciary Accounts Act.
The Director shall arrange with any depository institution that has been
authorized to accept and execute trusts to provide for
collateralization of any cash accounts resulting from the failure of any
depositing company to give instruction regarding the investment of any such
cash amounts as provided for by Section 6 of the Public Funds Investment Act.
(Source: P.A. 93-477, eff. 1-1-04.)