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92_HB4967 LRB9214702JSpc 1 AN ACT relating to corporate fiduciaries. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Corporate Fiduciary Act is amended by 5 changing Section 9-6 as follows: 6 (205 ILCS 620/9-6) 7 Sec. 9-6. Audits. 8 (a) At least once in each calendar year a trust company 9
corporate fiduciarymust cause its books and records to be 10 audited by an independent licensed public accountant. The 11 Commissioner may prescribe the scope of the audit within 12 generally accepted audit principles and standards. 13 (b) The independent licensed public accountant shall 14 provide a written audit report to the trust company's 15 corporate fiduciary'sboard of directors or to a committee 16 appointed by the trust company's corporate fiduciary'sboard 17 of directors. If the audit report is given to a committee 18 appointed by the trust company's corporate fiduciary'sboard 19 of directors, the committee shall, within 30 days after the 20 date of receipt of the audit report, provide the board of 21 directors with a written summary of the audit findings as 22 detailed in the audit report. 23 (c) The trust company's corporate fiduciary'sboard of 24 directors or committee appointed by the board of directors 25 shall cause a copy of the audit report and any written 26 summary pursuant to paragraph (b) of this Section to be filed 27 with the Commissioner within 45 days after receipt of the 28 audit report. 29 (Source: P.A. 92-485, eff. 8-23-01.) 30 Section 99. Effective date. This Act takes effect upon -2- LRB9214702JSpc 1 becoming law.
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