Illinois General Assembly - Bill Status for SB2147
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 Bill Status of SB2147  102nd General Assembly


Short Description:  LIMITED COOP ASSOCIATION ACT

Senate Sponsors
Sen. Ram Villivalam

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Uniform Limited Cooperative Association Act. Provides for the organization and operation of limited cooperative associations. Provides that a limited cooperative association organized under the Act is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, which authorizes the combination of ownership and receipt of benefits by members for whose interests the association is formed and permits investments by members who may receive returns on their investments and a share of control. Provides for: filing with the Secretary of State; organic rules; membership; members' interests; marketing contracts; directors; officers; indemnification and advancement of expenses; contributions; allocations; distributions; dissolution; actions; disposing of assets; foreign cooperatives; merger; interest exchange; conversion; domestication; and other matters.

Actions 
DateChamber Action
  2/15/2019SenateFiled with Secretary by Sen. Ram Villivalam
  2/15/2019SenateFirst Reading
  2/15/2019SenateReferred to Assignments
  3/5/2019SenateAssigned to Judiciary
  3/12/2019SenatePostponed - Judiciary
  3/22/2019SenateRule 2-10 Committee Deadline Established As March 28, 2019
  3/28/2019SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2021SenateSession Sine Die

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