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805 ILCS 315/2
(805 ILCS 315/2) (from Ch. 32, par. 441)
Sec. 2.
Definitions and short title.
(a) As used in this Act:
The term "Director of Agriculture" means the Director of the Illinois
Department of Agriculture or the Director's designee.
The term "agricultural products" shall include horticultural,
viticultural, forestry, dairy, live stock, poultry, bee and any farm and
aquatic products and fur bearing animals raised in captivity and their
products.
The term "member" shall include actual members of associations
without capital stock, and holders of common stock in associations
organized with capital stock.
The term "association" means any corporation organized under this
Act, or any corporation formed under any general or special act of this or
any other state as a co-operative association, organized for the mutual
benefit of its members, and in which the returns on the stock or membership
capital is limited to an amount not to exceed 8% per annum, and in which during
any fiscal year thereof the value of business done with non-members shall not
exceed the business done with members during the same period, and in which
substantially all of the issued and outstanding shares of capital stock or
memberships are owned, held and controlled directly or indirectly, by producers
of agricultural products.
The term "person", except when used in reference to an
officer or member of the board of directors, in which case it
means an individual,
shall include
any individual or
any entity, including but not limited to a sole proprietorship, a partnership,
a corporation, a cooperative, an association, a limited liability company, an
estate, or a trust.
(b) Associations organized hereunder shall be deemed "non-profit", inasmuch
as they are not organized to make profit for themselves, as such, or for their
members, as such, but only for their members as producers.
(c) This Act may be cited as the Agricultural Co-Operative Act.
(Source: P.A. 93-197, eff. 7-14-03.)
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