Sec. 1-4. Effect on existing corporate fiduciaries.
118 words·~1 min read·
/il/chapter-205/act-620/1-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-4. Effect on existing corporate fiduciaries. With respect to any existing corporate fiduciary:
(a)any existing certificate of authority shall continue in full force and effect except as provided in Section 1-3 of this Act;
(b)all existing appointments in any fiduciary capacity and any existing contracts by such corporate fiduciary shall continue in full force and effect; and
(c)no corporate fiduciary which holds a current and valid certificate of authority under this Act shall be required to submit an application to obtain a certificate of authority unless the certificate of authority of such corporate fiduciary subsequently shall have been relinquished or revoked and such corporate fiduciary thereafter seeks to again obtain a certificate of authority.