(805 ILCS 315/31)
(from Ch. 32, par. 470)
Applicability of general corporation laws; mergers.
(a) The provisions of the general corporation laws of this State,
relating to corporations for pecuniary profit, and all powers and rights
thereunder shall apply to the associations organized hereunder, except
where those provisions are in conflict with or inconsistent with
provisions of this Act; provided, however, that nothing in this Act shall
be construed as repealing or modifying the law under which co-operative
companies or associations are now organized.
(b) The dissenters' rights provisions of the Business Corporation Act of
1983 do not apply with respect to capital stock issued as patronage
distributions or to reflect membership in an association organized and
operating under this Act.
(c) Associations organized on a membership basis may be merged or
consolidated with associations organized with capital stock, but the
surviving or new association shall be organized with capital stock. In the
merger or consolidation procedure, each member of the association organized
on a membership basis shall be considered and treated as the holder of one
or more shares of capital stock; the members shall vote as a class; the
interest of the members shall be converted into shares or other securities
or obligations of the surviving or new association, and the procedure shall
otherwise conform as nearly as possible to the provisions of the Business
Corporation Act of 1983, except as provided in subsection (b).
(Source: P.A. 88-15.)