§ 6-15

Illinois § 6-15

• Jurisdiction: Illinois
• Topic: REGULATION
• Ch. 205: FINANCIAL REGULATION
• Act 205 ILCS 620/: Corporate Fiduciary Act.
• Art.: Article VI - Receiver and Involuntary Liquidation

Text

Whenever the Commissioner shall have taken possession and control of a corporate fiduciary and its assets for the purpose of examination, reorganization or liquidation through receivership, or whenever the Commissioner shall have appointed a receiver for a corporate fiduciary and filed a complaint for the dissolution or for the winding up of the affairs of a corporate fiduciary, and the corporate fiduciary denies the grounds for such actions, it may at any time within 10 days apply to the Circuit Court of Sangamon County, Illinois, to enjoin further proceedings in the premises; and such court shall cite the Commissioner to show cause why further proceedings should not be enjoined, and if the court shall find that such grounds do not exist, the court shall make an order enjoining the Commissioner and any receiver acting under his direction from all further proceedings on account of such alleged grounds.

Legislative History

(Source: P.A. 85-858.)