Synopsis As Introduced Creates the Limited Cooperative Association Act. Authorizes the organization of a limited cooperative association, as an entity distinct from its members, for any lawful purpose, whether or not for profit. Provides that a limited cooperative association may be a collective worker cooperative in which there is only one class of members consisting of worker-members who manage all of the affairs of the limited cooperative association or a worker cooperative or employment cooperative that includes a class of worker-members who are natural persons whose patronage consists of labor contributed to or other work performed for the limited cooperative association. Contains provisions regarding: findings; formation; articles of organization; organization; bylaws; members; community investors; voting; a board of directors; an assembly; dissolution; conversion; and applicability of securities laws. Amends the Co-operative Act and the Illinois Securities Law of 1953 to make conforming changes. Effective immediately.
House Committee Amendment No. 1 Changes the short title of the new Act to the Limited Worker Cooperative Association Act. Authorizes the establishment of limited worker cooperative associations rather than limited cooperative associations. Eliminates patron members as a form of membership. Provides for multi-stakeholder cooperatives. Changes the effective date to January 1, 2020.