Charitable Trust Act
Illinois · Trusts and Fiduciaries · §§ 760-55-1 to 760-55-9 · 23 sections
Overview
The act governs the oversight of property held for charitable purposes, requiring those who hold or administer such property as trustees to register with and report to the state attorney general once the property exceeds a threshold value. It gives the attorney general authority to investigate whether charitable assets are being properly administered, to bring proceedings compelling compliance and proper administration, and to adopt rules implementing the statute, with the register and filed instruments generally open to public inspection. Its provisions apply notwithstanding contrary terms in the governing instrument, and it exposes trustees who intentionally misuse charitable assets in breach of fiduciary duty to punitive damages.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- 760 ILCS 55/1This Act may be cited as the Charitable Trust Act
- 760 ILCS 55/10Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/11Subject to reasonable rules and regulations adopted by the Attorney General, the register, copies of instruments and reports filed with the Attorney General shall be open to public inspection
- 760 ILCS 55/12The Attorney General may institute appropriate proceedings to secure compliance with this Act and to secure the proper administration of any trust or other relationship to which this Act applies
- 760 ILCS 55/13This Act shall apply regardless of any contrary provisions of any instrument
- 760 ILCS 55/14Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/15Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/15.5Termination and transfer of certain trusts
- 760 ILCS 55/16(a) Any person who, intentionally and in breach of fiduciary duty with malice, misuses charitable assets is subject to punitive damages in an appropriate amount upon a trial on the issue
- 760 ILCS 55/16.5Terrorist acts
- 760 ILCS 55/17Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/18Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/19There is created in the State Treasury the Illinois Charity Bureau Fund
- 760 ILCS 55/2This Act applies to any and all trustees, as defined in Section 3, holding property of a value in excess of $4,000
- 760 ILCS 55/3Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/4Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/5Registration requirement
- 760 ILCS 55/5AOrganizations that have been approved for participation under the Voluntary Payroll Deductions Act of 1983 shall be reported to the Attorney General by the Comptroller no later than May 1 of each year
- 760 ILCS 55/6Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/7Trusts and Fiduciaries › 760 ILCS 55 — Charitable Trust Act
- 760 ILCS 55/7.5Charitable trust for the benefit of a minor or person with a disability; report
- 760 ILCS 55/8The Attorney General may make additional rules and regulations necessary for the administration of this Act
- 760 ILCS 55/9The Attorney General may investigate transactions and relationships of trustees subject to this Act for the purpose of determining whether the property held for charitable purposes is properly administered
Enacted in other states
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