Rep. Linda Chapa LaVia

Filed: 3/25/2013

 

 


 

 


 
09800HB0274ham001LRB098 03154 HLH 43305 a

1
AMENDMENT TO HOUSE BILL 274

2    AMENDMENT NO. ______. Amend House Bill 274 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Business Enterprise for Minorities,
5Females, and Persons with Disabilities Act is amended by adding
6Section 5.5 as follows:
 
7    (30 ILCS 575/5.5 new)
8    Sec. 5.5. Inclusion of silent investors. Notwithstanding
9any other provision of law, the Council must include the equity
10ownership of silent investors in the calculation of majority
11ownership and when calculating control of a company for the
12purposes of determining whether businesses are legitimately
13classified as businesses owned by minorities, females, or
14persons with disabilities. As used in this Section, "silent
15investor" includes a shareholder of a corporation, a limited
16partner in a limited partnership, a member of a limited

 

 

09800HB0274ham001- 2 -LRB098 03154 HLH 43305 a

1liability company, or any other form of equity ownership
2without regard to the form of business organization used by the
3business, if any.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.".