Public Act 099-0677
Public Act 0677 99TH GENERAL ASSEMBLY
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Public Act 099-0677
| | HB5898 Enrolled | LRB099 19637 JLS 44034 b |
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| 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 1 as follows:
| (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 as mechanics, laborers, | agriculturists, or in any other capacity
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 and also, if desired, to manufacture | any
articles of trade or merchandise such as flour, meal, | boots, shoes,
clothing, groceries and to sell same as above | stated, or for the purpose of
cultivating and raising | vegetables, fruits or other products, or animals
for food for | said members or to sell same as above stated, or who may be
| desirous of engaging as shareholders in any association for the |
| operating conducting
of a general agricultural or | horticultural business by such shareholders, or any | combination of
the 2 for the purpose of growing or producing | general or special
agricultural, horticultural, orchard, | garden, nursery or dairy produce, or
for the manufacture and | sale, or the sale, or the purchasing of, or the
dealing in any | of the commodities mentioned in this section either at
| wholesale or retail, either for the use of such shareholders or | for sale to
other persons, 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. 84-550.)
| Section 99. Effective date. This Act takes effect upon | becoming law.
|
Effective Date: 7/29/2016
|
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