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1 | | company under Article 30 of the Limited Liability Company |
2 | | Act; and |
3 | | (2) intends to retain the membership for at least 5 |
4 | | years. |
5 | | "Bona fide equity partner" means an individual who: |
6 | | (1) (i) became a partner, either general or limited, |
7 | | upon the formation of a partnership or limited |
8 | | partnership, or (ii) has purchased, acquired, or been |
9 | | gifted a partnership interest accurately representing his |
10 | | or her percentage distributional interest in the profits, |
11 | | losses, and assets of a partnership or limited |
12 | | partnership; |
13 | | (2) intends to retain ownership of the partnership |
14 | | interest for at least 5 years; and |
15 | | (3) is a resident of this State. |
16 | | "Bona fide equity shareholder" means an individual who: |
17 | | (1) purchased, for market price, publicly sold stock |
18 | | shares in a corporation, purchased shares of a |
19 | | privately-held corporation for a value equal to the |
20 | | percentage of the appraised value of the corporate assets |
21 | | represented by the ownership in the corporation, or is a |
22 | | member of a closely-held family-owned corporation and has |
23 | | purchased or been gifted with shares of stock in the |
24 | | corporation accurately reflecting his or her percentage of |
25 | | ownership; and |
26 | | (2) intends to retain the ownership of the shares of |
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1 | | stock for at least 5 years. |
2 | | "Family member" means a grandparent, parent, sibling, |
3 | | child, grandchild, uncle, aunt, niece, nephew, or first |
4 | | cousin. |
5 | | "Family member landowner" means an individual who is a |
6 | | family member of a landowner and who owns collectively with |
7 | | any other of that individual's other family members at least |
8 | | 40 acres of land in a county in this State. |
9 | | (b) Landowner Deer, Turkey, and combination permits shall |
10 | | be issued without charge to: |
11 | | (1) Illinois landowners residing in this State who own |
12 | | at least 40 acres of Illinois land and wish to hunt upon |
13 | | their land only; |
14 | | (2) resident tenants of at least 40 acres of |
15 | | commercial agricultural land where they will hunt; and |
16 | | (3) bona fide equity shareholders of a corporation, |
17 | | bona fide equity members of a limited liability company, |
18 | | or bona fide equity partners of a general or limited |
19 | | partnership which owns at least 40 acres of land in a |
20 | | county in this State who wish to hunt on the |
21 | | corporation's, company's, or partnership's land only. One |
22 | | permit shall be issued without charge to one bona fide |
23 | | equity shareholder, one bona fide equity member, or one |
24 | | bona fide equity partner for each 40 acres of land owned by |
25 | | the corporation, company, or partnership in a county; |
26 | | however, the number of permits issued without charge to |
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1 | | bona fide equity shareholders of any corporation or bona |
2 | | fide equity members of a limited liability company in any |
3 | | county shall not exceed 15, and shall not exceed 3 in the |
4 | | case of bona fide equity partners of a partnership. |
5 | | Bona fide landowners or tenants who do not wish to hunt |
6 | | only on the land they own, rent, or lease or bona fide equity |
7 | | shareholders, bona fide equity members, or bona fide equity |
8 | | partners who do not wish to hunt only on the land owned by the |
9 | | corporation, limited liability company, or partnership shall |
10 | | be charged the same fee as the applicant who is not a |
11 | | landowner, tenant, bona fide equity shareholder, bona fide |
12 | | equity member, or bona fide equity partner. Nonresidents of |
13 | | this State who own at least 40 acres of land and wish to hunt |
14 | | on their land only shall be charged a fee set by administrative |
15 | | rule. The method for obtaining these permits shall be |
16 | | prescribed by administrative rule. |
17 | | In addition to the permits otherwise issued under this |
18 | | subsection (b), the Department shall, upon request, issue to 2 |
19 | | additional family member landowners, who own with other family |
20 | | member landowners a parcel of at least 40 acres but who do not |
21 | | all reside on that property, a landowner deer, turkey, and |
22 | | combination permit for hunting only on that property at a cost |
23 | | of no more than the regular permit fee. |
24 | | (c) The deer, turkey, or combination hunting permit issued |
25 | | without fee shall be valid on all farm lands which the person |
26 | | to whom it is issued owns, leases or rents, except that in the |
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1 | | case of a permit issued to a bona fide equity shareholder, bona |
2 | | fide equity member, or bona fide equity partner, the permit |
3 | | shall be valid on all lands owned by the corporation, limited |
4 | | liability company, or partnership in the county. |
5 | | (Source: P.A. 99-869, eff. 1-1-17 .)". |