§ 130-35 — Corporate trustee

Illinois § 130-35

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 60: TOWNSHIPS
• Act 60 ILCS 1/: Township Code.
• Art.: Article 130 - Township Cemeteries

Text

Whenever any money or other property has been given or bequeathed to the board of managers of a cemetery owned or controlled by a township for the purpose of maintaining a lot in the cemetery or maintaining the cemetery as provided in this Article, the township may provide for the appointment of a corporation authorized to do trust business as trustee of the money or property, in place of the treasurer of the board of managers. The corporate trustee has the same powers, authority, and duties with regard to the administration of the trust funds as are provided in this Article for the treasurer of the board of managers, except that it shall not be required to execute a bond and may charge for its services as trustee amounts agreed upon from time to time with the township authorities. The corporate trustee may invest the trust funds in any investment authorized by the laws of Illinois as proper fiduciary investments. The trustee may retain any property given or bequeathed to it in trust even though the property may not be a legal investment under the laws of Illinois.

Legislative History

(Source: P.A. 83-388; 88-62.)