98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB3438

 

Introduced 2/14/2014, by Sen. Don Harmon

 

SYNOPSIS AS INTRODUCED:
 
805 ILCS 310/2  from Ch. 32, par. 306

    Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.


LRB098 18636 JLS 53779 b

 

 

A BILL FOR

 

SB3438LRB098 18636 JLS 53779 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Co-operative Act is amended by changing
5Section 2 as follows:
 
6    (805 ILCS 310/2)  (from Ch. 32, par. 306)
7    Sec. 2.
8    No person shall be permitted to subscribe for more than 10
95 shares of the capital stock of such association, nor shall
10any person be permitted to own or control more than 10 5 shares
11of the capital stock of such association. The shares of stock
12shall not be less than $5 nor more than $1,000 $100 a share,
13and subscriptions thereto shall be made payable to the
14association at such time or times and in such manner as shall
15be determined by the directors. No stock shall be issued except
16at its par value and no stock shall be issued in amount to
17exceed $10,000 $500 to any one shareholder, except as
18hereinafter provided for in Section 12 of this Act.
19    No commission shall be directly or indirectly charged,
20secured, or collected for selling stock in such association,
21and any person, firm or corporation, charging, receiving or
22procuring, directly or indirectly, any such commission commits
23a petty offense and shall be fined not less than $5 nor more

 

 

SB3438- 2 -LRB098 18636 JLS 53779 b

1than $100.
2(Source: P.A. 77-2377.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.