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Code · Illinois · Chapter 40 — PENSIONS · Act 5

Sec. 22A-113.2. Custodian.

172 words·~1 min read·/il/chapter-40/act-5/22a-113-2·

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Sec. 22A-113.2. Custodian. The securities, funds and other assets transferred to the Illinois State Board of Investment or otherwise acquired by the board shall be placed in the custody of the board's custodian. The custodian shall provide adequate safe deposit facilities therefor and hold all such securities, funds and other assets subject to the order of the board.
As soon as may be practicable, but in no event later than December 31, 2016, the board shall appoint and retain a qualified custodian. Until a custodian has been appointed by the board, the State Treasurer shall serve as official custodian of the board.
The custodian shall furnish a corporate surety bond of such amount as the board designates, which bond shall indemnify the board against any loss that may result from any action or failure to act by the custodian or any of the custodian's agents. All charges incidental to the procuring and giving of such bond shall be paid by the board. The bond shall be in the custody of the board.
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