(805 ILCS 317/65)
Sec. 65. Conversion. A limited worker cooperative association may convert into any form of entity permitted if the board of managers or managing members of the limited worker cooperative association adopts a plan of conversion and the assembly adopts such a plan by a two-thirds majority vote. In the case of a collective worker
cooperative, a limited worker cooperative association may
convert into any form of entity permitted if the members
adopt a plan by a two-thirds majority vote. Conversions from
other forms of entities to a limited worker cooperative
association are governed by the Entity Omnibus Act.
(Source: P.A. 101-292, eff. 1-1-20; 102-351, eff. 8-13-21.) |