SB3438 98TH GENERAL ASSEMBLY

LRB098 18636 JLS 53779 b

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.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Co-operative Act is amended by changing Section 2 as follows:

(805 ILCS 310/2) (from Ch. 32, par. 306)

Sec. 2.

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.

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 than $100.

(Source: P.A. 77-2377.)

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