Sec. 2-5. The application for a certificate of authority shall be filed with the Commissioner, signed by the president or vice president and attested by the corporate sec.

201 words·~1 min read·/il/chapter-205/act-620/2-5

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Sec. 2-5. The application for a certificate of authority shall be filed with the Commissioner, signed by the president or vice president and attested by the corporate secretary or cashier and acknowledged before some officer authorized by law to acknowledge deeds. The application shall set forth:

(a)the name and address of the applicant;

(b)a statement of the proposed management including experience in administering trusts;

(c)the duration of the proposed corporate fiduciary which may be perpetual;

(d)the amount of capital, surplus and reserve for operating expenses of the corporate fiduciary or which will be committed to the trust department if the applicant is a bank, savings and loan association or savings bank;

(e)a description of the capital structure of the corporate fiduciary including the number of shares of stock, the classes of such stock, the par value if any, and the amount for which each share is to be sold;

(f)a list of the powers, fiduciary appointments and fiduciary functions the corporate fiduciary wishes to exercise; and

(g)such other relevant information as the Commissioner may require to support the findings the Commissioner is required to make to issue a certificate of authority under this Act.