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(205 ILCS 620/6-5) (from Ch. 17, par. 1556-5)
Sec. 6-5.
When the Commissioner has taken possession and
control of a corporate fiduciary and its assets, he shall be
vested with the full powers of management and control, including
but not limited to, the following:
(1) The power to continue or to discontinue the business;
(2) The power to stop or to limit the payment of its
obligations;
(3) The power to collect and to use its assets and to give
valid receipts and acquittances therefor;
(4) The power to employ and to pay any necessary
assistants;
(5) The power to execute any instrument in the name of the
corporate fiduciary;
(6) The power to commence, defend and conduct in its name
any action or proceeding in which it may be a party;
(7) The power, upon the order of the court, to sell and
convey its assets in whole or in part, and to sell or compound
bad or doubtful debts upon such terms and conditions as may be
fixed in such order;
(8) The power, upon the order of the court, to make and to
carry out agreements with other corporate fiduciaries, financial
institutions or with the United States or any agency thereof, for
the payment or assumption of the corporate fiduciaries
liabilities, in whole or in part, and to transfer assets and to
make guaranties, in whole or in part, and to transfer assets and
to make guaranties in connection therewith;
(9) The power, upon the order of the court, to borrow money
in the name of the corporate fiduciary and to pledge its assets
as security for the loan;
(10) The power to terminate his possession and control by
restoring the corporate fiduciary to its board of directors;
(11) The power to reorganize the corporate fiduciary as
provided in this Act;
(12) The power to appoint a receiver which may be the
Office of the Commissioner, a corporate fiduciary or another suitable
person and to order liquidation of the corporate
fiduciary as provided in this Act; and
(13) The power, upon the order of the court and without the
appointment of a receiver, to determine that the corporate
fiduciary has been closed for the purpose of liquidation without
adequate provision being made for payment of its fiduciary
obligations, and thereupon the corporate fiduciary shall be
deemed to have been closed on account of inability to meet its
obligations to its beneficiaries.
(Source: P.A. 86-754.)
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