(760 ILCS 100/7) (from Ch. 21, par. 64.7)
Sec. 7.
License to hold care funds.
No cemetery authority owning, operating, controlling or managing a
privately operated cemetery may accept the care funds authorized by the
provisions of Section 3 of this Act without securing from the Comptroller a
license to hold
the funds. The license shall be secured by the
cemetery authority whether
the cemetery authority is serving as trustee of the care funds or whether
the care funds are held by an independent trustee.
All licenses issued under the provisions of this Act by the Department
of Financial Institutions prior to the time the administration of this Act
was transferred to the Comptroller shall remain valid for all purposes
unless such license is terminated, surrendered or revoked as provided in
this Act.
(Source: P.A. 89-615, eff. 8-9-96.)
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