State of Illinois
90th General Assembly
Legislation

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[ Engrossed ][ House Amendment 001 ]

90_HB2315

      765 ILCS 1025/4.1 new
          Amends the Uniform Disposition of Unclaimed Property Act.
      Provides that funds held or  owing  by  certain  agricultural
      cooperatives  are  presumed abandoned if any qualified notice
      of allocation, including capital stock  issued  as  patronage
      distributions  or  to  reflect membership in or other capital
      stock, capital stock  credits  issued,  or  dividends  by  an
      agricultural cooperative has remained unclaimed for more than
      7  years.   Provides  that the unclaimed qualified notices of
      allocation,  capital  stock,  capital   stock   credits,   or
      dividends  shall not be subject to, or governed by, any other
      provisions of the Uniform Disposition of  Unclaimed  Property
      Act, but rather shall be used by the agricultural cooperative
      for the general membership of the agricultural cooperative.
                                                     LRB9006819SMdv
                                               LRB9006819SMdv
 1        AN  ACT  to  amend  the  Uniform Disposition of Unclaimed
 2    Property Act by adding Section 4.1.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Uniform Disposition of Unclaimed Property
 6    Act is amended by adding Section 4.1 as follows:
 7        (765 ILCS 1025/4.1 new)
 8        Sec.  4.1.   Funds  held  or  owing  by  an  agricultural
 9    cooperative;   presumption  of  abandonment.   Funds  held or
10    owing by an agricultural cooperative operating in accord with
11    Subchapter T or Section 521 of the Internal Revenue Code  are
12    presumed  abandoned  if  any  qualified notice of allocation,
13    including capital stock issued as patronage distributions  or
14    to  reflect  membership  in  or  other capital stock, capital
15    stock credits  issued,  or  dividends  paid  thereon,  by  an
16    agricultural cooperative has remained unclaimed by the person
17    appearing  on the records of the cooperative entitled thereto
18    for more than 7 years.  The unclaimed  qualified  notices  of
19    allocation,   capital   stock,   capital  stock  credits,  or
20    dividends shall not be subject to, or governed by, any  other
21    provisions  of  this  Act,  but  rather  shall be used by the
22    agricultural cooperative for the general  membership  of  the
23    agricultural cooperative.

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