Senate Sponsors: FAWELL. House Sponsors: PERSICO Short description: CO-OP RESDNTIAL HOMES-MEMBERS Synopsis of Bill as introduced: Creates the Co-operative Residential Homes Act. Creates a short title only. SENATE AMENDMENT NO. 1. Deletes reference to: New Act Adds reference to: 805 ILCS 105/107.03 from Ch. 32, par. 107.03 805 ILCS 105/107.15 from Ch. 32, par. 107.15 805 ILCS 105/107.75 from Ch. 32, par. 107.75 805 ILCS 105/108.21 from Ch. 32, par. 108.21 Deletes everything. Amends the General Not For Profit Corporation Act of 1986. Provides that a residential cooperative not-for-profit corporation containing 50 or more single family units and located in a county with a population between 780,000 and 3,000,000 shall specifically set forth the qualifications and rights of its members in the articles of incorporation and the bylaws, shall post notice of member's meetings in conspicuous places in the residential cooperative at least 48 hours prior to a meeting of the members, shall keep an accurate and complete account of all transfers of membership, shall on a quarterly basis record all transfers of membership with the county clerk of the county in which the residential cooperative is located and make a list of all transfers of membership available for inspection by any member of the corporation, and shall be subject to the open meetings requirements of the Act. Effective immediately. SENATE AMENDMENT NO. 2. Adds reference to: 805 ILCS 105/107.05 from Ch. 32, par. 107.05 805 ILCS 105/107.90 new Deletes everything. Reinserts provisions similar to Senate Amendment No. 1, but adds a provision that for meetings of certain not-for-profit corporations organized for the purpose of residential cooperative housing, any member may record the proceedings at the meetings subject to the reasonable rules prescribed by the board or the membership. Also adds a provision that these same not-for-profit corporations for which (i) title for real property occupied or controlled by a member under a membership agreement is held by or is transferred to that member; (ii) more than one class of membership exists; or (iii) the corporation fails to obtain recognition or loses recognition as a Cooperative Housing Corporation under the Internal Revenue Code of 1954, as amended, shall provide notice of these items to members and allow members to make certain changes in ownership as a result. Effective immediately. HOUSE AMENDMENT NO. 1. In the amendatory provisions referring to residential cooperative not-for-profit corporations containing 50 or more single family units or dwellings, limits the application of the provisions to those units or dwellings with individual unit legal descriptions based upon a recorded plat of a subdivision. Last action on Bill: PUBLIC ACT.............................. 91-0465 Last action date: 99-08-06 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status