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Public Act 098-1122
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| SB3438 Enrolled | LRB098 18636 JLS 53779 b |
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Co-operative Act is amended by changing |
Sections 2 and 9 as follows:
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(805 ILCS 310/2) (from Ch. 32, par. 306)
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Sec. 2.
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No person shall be permitted to subscribe for more than 10 |
5 shares of the
capital stock of such association, nor shall |
any person be permitted to own
or control more than 10 5 shares |
of the capital stock of such association. The
shares of stock |
shall not be less than $5 nor more than $1,000 $100 a share, |
and
subscriptions thereto shall be made payable to the |
association at such time
or times and in such manner as shall |
be determined by the directors. No
stock shall be issued except |
at its par value and no stock shall be issued
in amount to |
exceed $10,000 $500 to any one shareholder, except as |
hereinafter
provided for in Section 12 of this Act.
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No commission shall be directly or indirectly charged, |
secured, or
collected for selling stock in such association, |
and any person, firm or
corporation, charging, receiving or |
procuring, directly or indirectly, any
such commission commits |
a petty offense and shall be fined not less than $5
nor more |