Sec. 6-5. When the Commissioner has taken possession and control of a corporate fiduciary and its assets, he shall be vested with the full powers of management and contro.
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/il/chapter-205/act-620/6-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 6-5. When the Commissioner has taken possession and control of a corporate fiduciary and its assets, he shall be vested with the full powers of management and control, including but not limited to, the following:
(1)The power to continue or to discontinue the business;
(2)The power to stop or to limit the payment of its obligations;
(3)The power to collect and to use its assets and to give valid receipts and acquittances therefor;
(4)The power to employ and to pay any necessary assistants;
(5)The power to execute any instrument in the name of the corporate fiduciary;
(6)The power to commence, defend and conduct in its name any action or proceeding in which it may be a party;
(7)The power, upon the order of the court, to sell and convey its assets in whole or in part, and to sell or compound bad or doubtful debts upon such terms and conditions as may be fixed in such order;
(8)The power, upon the order of the court, to make and to carry out agreements with other corporate fiduciaries, financial institutions or with the United States or any agency thereof, for the payment or assumption of the corporate fiduciaries liabilities, in whole or in part, and to transfer assets and to make guaranties, in whole or in part, and to transfer assets and to make guaranties in connection therewith;
(9)The power, upon the order of the court, to borrow money in the name of the corporate fiduciary and to pledge its assets as security for the loan;
(10)The power to terminate his possession and control by restoring the corporate fiduciary to its board of directors;
(11)The power to reorganize the corporate fiduciary as provided in this Act;
(12)The power to appoint a receiver which may be the Office of the Commissioner, a corporate fiduciary or another suitable person and to order liquidation of the corporate fiduciary as provided in this Act; and
(13)The power, upon the order of the court and without the appointment of a receiver, to determine that the corporate fiduciary has been closed for the purpose of liquidation without adequate provision being made for payment of its fiduciary obligations, and thereupon the corporate fiduciary shall be deemed to have been closed on account of inability to meet its obligations to its beneficiaries.