Sec. 1-6. General corporate powers.
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/il/chapter-205/act-620/1-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-6. General corporate powers. A corporate fiduciary shall have the powers:
(a)if it is a State bank, those powers granted under Sections 3 and 5 of the Illinois
Banking Act; and
(b)if it is a State savings and loan association, those powers granted under Sections
1-6 through 1-8 of the Illinois Savings and Loan Act of 1985; and
(c)if it is a State savings bank, those powers granted under the Savings Bank Act; and
(d)if it is a corporation organized under the Business Corporation Act of 1983, as now
or hereafter amended, or a limited liability company organized under the Limited Liability Company Act, those powers granted in Article 8 of the Illinois Trust Code, as now or hereafter amended, to the extent the exercise of such powers by the corporate fiduciary are not contrary to the instrument containing the appointment of the corporate fiduciary, the court order appointing the corporate fiduciary or any other statute specifically limiting the power of the corporate fiduciary under the circumstances; and
(e)subject to Article XLIV of the Illinois Insurance Code, to act as the agent for any
fire, life, or other insurance company authorized by the State of Illinois, by soliciting and selling insurance and collecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said corporate fiduciary and the insurance company for which it may act as agent; provided, however, that no such corporate fiduciary shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal; and provided further, that the corporate fiduciary shall not guarantee the truth of any statement made by an assured in filing his application for insurance.
The Commissioner may specify powers of corporate fiduciaries generally or of a particular corporate fiduciary and by rule or order limit or restrict such powers of corporate fiduciaries or a particular corporate fiduciary if he finds the exercise of such power by corporate fiduciaries generally or of the corporate fiduciary in particular may tend to be an unsafe or unsound practice, or if such power is otherwise not in the interest of beneficiaries of any fiduciary appointment.