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805 ILCS 310/1
(805 ILCS 310/1) (from Ch. 32, par. 305)
Sec. 1.
Any 5 or more subscribers to the shares of the capital
stock of a corporation to be organized under this Act who may be desirous
of uniting
in any co-operative association for the purpose of purchasing of or selling
to all shareholders and others, all sorts of groceries, provisions and any
other articles of merchandise, for cash or otherwise at wholesale or
retail, at such reasonable prices over the cost thereof as will enable the
members of such association to obtain or dispose of such commodities at the
smallest practicable rate of cost, or who may be
desirous of engaging as shareholders in any association for the operating
of a business by such shareholders, or who may be desirous of becoming interested in other like
associations--may become incorporated for that purpose by making a
statement to that effect under their signatures and duly acknowledged before
an officer authorized to take acknowledgments, setting forth: (a) the
name of the corporation; (b) the address, including street and number, if
any, of its initial registered office in this State, and the name of its
initial registered agent at such address; (c) the period of duration, which
may be perpetual; (d) the name and address, including street and number, if
any, of each incorporator; (e) the purpose or purposes for which the
corporation is organized; (f) the aggregate number of shares which the
corporation shall have authority to issue; and if the shares are to
consist of one class only, the par value of each of the shares; or, if
the shares are to be divided into classes, the number of shares of each
class, if any, that are to have a par value of each share of each such
class, and the number of shares of each class, if any, that are to be
without par value; (g) if the shares are to be divided into classes, the
designation of each class and a statement of the preferences,
qualifications, limitations, restrictions, and the special or relative
rights in respect of the shares of each class; (h) the number and class of
shares to be issued by the corporation before it commences business,
and the consideration to be received by the corporation therefor, which
shall be not less than $1,000. If shares of more than one
class are to be issued, the consideration for shares of each class shall be
separately stated; (i) the number of directors to be elected at the first
meeting of shareholders; (j) any provisions, not inconsistent with law,
which the incorporators may choose to insert, for the regulation of the
internal affairs of the corporation.
(Source: P.A. 99-677, eff. 7-29-16.)
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