Synopsis As Introduced Creates the Illinois Cooperative Act. Repeals the Co-operative Act. Provides for the organization, operation, and regulation of cooperatives. Provides that cooperatives are not-for-profit entities. Sets forth requirements for articles of incorporation, amendments, number of incorporators, and voting rights. Provides for regulation by the Secretary of State. Sets forth requirements for directors. Defines terms. Provides for liquidation, consolidation, and dissolution of cooperatives.