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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1944
Introduced 2/7/2008, by Sen. John M. Sullivan SYNOPSIS AS INTRODUCED:
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Amends the Grain Code. Makes a technical change in a Section concerning
the purpose of the Code.
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A BILL FOR
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SB1944 |
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LRB095 16376 RCE 42400 b |
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| AN ACT concerning warehouses.
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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 Grain Code is amended by changing Section |
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| 1-5 as follows:
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| (240 ILCS 40/1-5)
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| Sec. 1-5. Purpose. It is
the
the primary purpose of this |
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| Code to promote the State's welfare by
improving the economic |
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| stability of agriculture through the
existence of the Illinois |
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| Grain Insurance Fund in order to protect
producers in the event |
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| of the failure of a licensed grain dealer or
licensed |
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| warehouseman and to ensure the existence of an adequate
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| resource so that persons holding valid claims may be |
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| compensated
for losses occasioned by the failure of a licensed |
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| grain dealer or
licensed warehouseman.
To that end, this Code |
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| shall be liberally construed and liberally
administered in |
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| favor of claimants. |
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| In addition, the Illinois grain industry comprises a |
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| significant and vital
part of the State's economy and as such |
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| can function to its fullest competitive
and profitable |
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| potential, thus contributing to the economic health of this
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| State, when it operates under a coordinated and integrated |
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| regulatory
structure. Thus, a further purpose of this Code is |