State of Illinois
92nd General Assembly

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 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  fiduciary  must  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's  board  of directors or to a committee
16    appointed by the trust company's corporate fiduciary's  board
17    of  directors.   If  the audit report is given to a committee
18    appointed by the trust company's corporate fiduciary's  board
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's  board  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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