760 ILCS 45/1
Short title
Short title. This Act may be cited as the "Common Trust Fund Act". (Source: Laws 1943, vol. 1, p. 230.)
Illinois Compiled Statutes 760 ILCS 45 — Common Trust Fund Act.
Illinois · statute · 760 ILCS 45 · 9 active provisions
760 ILCS 45/2
Definitions
Definitions.) As used in this Act, unless the context otherwise requires: (a) "Bank or trust company" means any state bank, any national bank, any trust company or any other corporation, qualified to act as a fiduciary in this State. (b) "Affiliate" means any state bank, any national bank, any trust company or any othe…
760 ILCS 45/3
Establishment of common trust fund
Establishment of common trust fund. Any bank or trust company may, at and during such time as it is qualified to act as a fiduciary in this State, establish, maintain, and administer one or more common trust funds for the purpose of furnishing investments to itself as a fiduciary, or to itself and another or others as…
760 ILCS 45/3.1
Participation by affiliates
Participation by affiliates.) Any bank or trust company may include for the purpose of collective investment in any common trust fund or funds established, maintained and administered by it, funds held by an affiliate in its capacity as fiduciary or co-fiduciary, provided that the funds so held would be eligible for in…
760 ILCS 45/4
Written plan
Written plan.) Each common trust fund shall be established, administered and maintained in accordance with a written declaration of trust, herein referred to as the "plan", prepared by the bank or trust company and approved by resolution of its board of directors. The plan shall make provision, not inconsistent with th…
760 ILCS 45/5
Management of the common trust funds
Management of the common trust funds. Title to all assets of the common trust fund shall, at all times, be vested in the bank or trust company, as trustee of the common trust fund, and such assets shall be deemed to be held by the bank or trust company, as such trustee. The bank or trust company may, however, hold any…
760 ILCS 45/6
Participation in common trust fund
Participation in common trust fund.) The bank or trust company shall designate clearly upon its records the names of the fiduciary accounts on behalf of which the bank or trust company, or any affiliate thereof, as fiduciary or co-fiduciary, owns a participation in the common trust fund, and the extent of the interest…
760 ILCS 45/7
Severability
Severability. If any provision of this Act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect the other provisions or applications of the Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are dec…
760 ILCS 45/8
Reliance on Commissioner of Banks and Real Estate
Reliance on Commissioner of Banks and Real Estate. No fiduciary or other person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner of Banks and Real Estate, notwithstanding that after the act or omission has occurre…