Illinois Compiled Statutes 205 ILCS 620/4A-15 – Representative offices
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Terms Used In Illinois Compiled Statutes 205 ILCS 620/4A-15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
A foreign corporation not conducting fiduciary activities may establish a representative office under the Foreign Bank Representative Office Act. At these offices, the foreign corporation may market and solicit fiduciary services and provide back office and administrative support to the foreign corporation’s fiduciary activities, but it may not engage in fiduciary activities.