Rep. Linda Chapa LaVia
Filed: 4/8/2013
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 274




2    AMENDMENT NO. ______. Amend House Bill 274 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Business Enterprise for Minorities, 
5Females, and Persons with
Disabilities Act is amended  by adding 
6Section 5.5 as follows:
 
7    (30 ILCS 575/5.5 new)
8    Sec. 5.5. Inclusion of silent investors. Notwithstanding 
9any other provision of law, the Council must include the equity 
10ownership of silent investors of the same certification 
11category in the calculation of majority ownership and when 
12calculating control of a company when the silent investors have 
13given control to one or more persons of that certification 
14category.
15    As used in this Section, "silent investor" includes a 
16shareholder of a corporation, a limited partner in a limited 
 
 
09800HB0274ham002- 2 -LRB098 03154 HLH 43831 a

1partnership, a member of a limited liability company, or any 
2other form of equity ownership without regard to the form of 
3business organization used by the business, if any.
4    As used in this Section, "certification category" means a 
5minority person, a female, or a person with a disability. 
 

6    Section 99. Effective date. This Act takes effect upon 
7becoming law.".