Sec. 19. Revocation of certificate of authority; grounds.
158 words·~1 min read·
/il/chapter-205/act-645/19A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 19. Revocation of certificate of authority; grounds. A certificate of authority issued to a foreign banking corporation shall be revoked when voluntarily surrendered by the holder thereof or when such foreign banking corporation is dissolved or its authority or existence is otherwise terminated or cancelled in the country of its organization, and may be revoked if the Commissioner finds that:
(a)such foreign banking corporation has failed for a period of 60 days after service of
written notice on its registered agent to comply with any of the provisions of this Act after written notice has been given to its registered agent by the Commissioner; or
(b)such foreign banking corporation has failed for a period of 60 days after service of
written notice on its registered agent to pay any fees or taxes duly imposed upon such foreign banking corporation by reason of its banking office and the banking business carried on by such banking office.