Ill. Admin. Code tit. 14 § 130.1662

Current through Register Vol. 48, No. 49, December 6, 2024

Section 130.1662 - State Bond and Mortgage Company

a) The Secretary of State recognizes that the face amount certificate contracts registered prior to January 1, 1984, under The Illinois Securities Law of 1953 by State Bond and Mortgage Company are defined by the issuer as "Face Amount Certificates" and the issuer thereof is qualified as a registered investment company under the Investment Company Act of 1940 and maintains, under the rules and regulations of the Federal Securities and Exchange Commission, a deposit of securities with a qualified institution which deposit would be applicable to all contract liability established and accruing on such "Face Amount Certificates" outstanding with persons residing in Illinois. Accordingly, the Secretary of State recognizes the Central Deposit established and maintained by State Bond and Mortgage Company pursuant to the rules and regulations of the Federal Securities and Exchange Commission in lieu of, and in substitution for, the deposit presently being maintained with the Secretary of State under Section 6 of the Act as in effect at the time of registration, and hereby authorizes the transfer of all securities, except the minimum deposit of $50,000 as prescribed under Section 6 as in effect at the time of registration, to the Central Deposit.

b) State Bond and Mortgage Company is to continue to furnish to the Secretary of State all reports and statements required by Section 6 of the Act as in effect at the time of registration and is directed to furnish to the Secretary of State an annual statement, prepared and certified by an independent certified public accountant, showing all deposits required to be maintained for the benefit of holders of contracts issued by State Bond and Mortgage Company, the amounts of such deposits, the contract liability applicable to each state of the United States, including the State of Illinois, against which such deposits are maintained in the Central Deposit and various state depositories, if applicable.

Ill. Admin. Code tit. 14, § 130.1662