205 ILCS 620/4A-25

Current through Public Act 103-1056

Section 205 ILCS 620/4A-25 - Notice to Commissioner

A corporate fiduciary that maintains a place of business in this State under Section 4A-5, or the home state regulator of such foreign corporation, shall give at least 30 days prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Commissioner of:

(1) any merger, consolidation, or other transaction that would cause a change in control with respect to the foreign corporation or any bank holding company that controls the corporation;

(2) any transfer of all or substantially all of the trust accounts or trust assets of the foreign corporation to another person; or

(3) the closing or disposition of any place of business in this State.

205 ILCS 620/4A-25

P.A. 92-438, eff. 8/23/2001.