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Public Act 099-0677
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| HB5898 Enrolled | LRB099 19637 JLS 44034 b |
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Co-operative Act is amended by changing |
Section 1 as follows:
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(805 ILCS 310/1) (from Ch. 32, par. 305)
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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
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desirous of engaging as shareholders in any association for the |
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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
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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
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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 |
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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
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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.
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(Source: P.A. 84-550.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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