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90_SB1038
805 ILCS 310/22 from Ch. 32, par. 326
Amends the Co-operative Act to provide that the
prohibition against a corporation or association using the
term "Co-operative" as part of its name or title unless it
has complied with the provisions of the Act does not apply to
a corporation or association organized under the General Not
For Profit Corporation Act of 1986 or the Business
Corporation Act of 1983 for ownership or administration of
residential property on a cooperative basis. Effective
immediately.
LRB9003443NTsb
LRB9003443NTsb
1 AN ACT to amend the Co-operative Act by changing Section
2 22.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Co-operative Act is amended by changing
6 Section 22 as follows:
7 (805 ILCS 310/22) (from Ch. 32, par. 326)
8 Sec. 22. No corporation or association hereafter
9 organized or doing business for profit in this State shall be
10 entitled to use the term "Co-operative" as a part of its
11 corporate or other business name or title unless it has
12 complied with the provisions of this Act, except a
13 corporation or association organized under the General Not
14 For Profit Corporation Act of 1986 for the purpose of
15 ownership or administration of residential property on a
16 cooperative basis, or a corporation or association organized
17 under the Business Corporation Act of 1983 for the same
18 purpose.; and Any corporation or association violating the
19 provision of this Section may be enjoined from doing business
20 under such name at the instance of any shareholder of any
21 association or corporation organized under this Act.
22 (Source: Laws 1915, p. 325.)
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.