Illinois General Assembly - Full Text of HB5898
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Full Text of HB5898  99th General Assembly

HB5898enr 99TH GENERAL ASSEMBLY

  
  
  

 


 
HB5898 EnrolledLRB099 19637 JLS 44034 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Co-operative Act is amended by changing
5Section 1 as follows:
 
6    (805 ILCS 310/1)  (from Ch. 32, par. 305)
7    Sec. 1. Any 5 or more subscribers to the shares of the
8capital stock of a corporation to be organized under this Act
9who may be desirous of uniting as mechanics, laborers,
10agriculturists, or in any other capacity in any co-operative
11association for the purpose of purchasing of or selling to all
12shareholders and others, all sorts of groceries, provisions and
13any other articles of merchandise, for cash or otherwise at
14wholesale or retail, at such reasonable prices over the cost
15thereof as will enable the members of such association to
16obtain or dispose of such commodities at the smallest
17practicable rate of cost and also, if desired, to manufacture
18any articles of trade or merchandise such as flour, meal,
19boots, shoes, clothing, groceries and to sell same as above
20stated, or for the purpose of cultivating and raising
21vegetables, fruits or other products, or animals for food for
22said members or to sell same as above stated, or who may be
23desirous of engaging as shareholders in any association for the

 

 

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1operating conducting of a general agricultural or
2horticultural business by such shareholders, or any
3combination of the 2 for the purpose of growing or producing
4general or special agricultural, horticultural, orchard,
5garden, nursery or dairy produce, or for the manufacture and
6sale, or the sale, or the purchasing of, or the dealing in any
7of the commodities mentioned in this section either at
8wholesale or retail, either for the use of such shareholders or
9for sale to other persons, or who may be desirous of becoming
10interested in other like associations--may become incorporated
11for that purpose by making a statement to that effect under
12their signatures and duly acknowledged before an officer
13authorized to take acknowledgments, setting forth: (a) the name
14of the corporation; (b) the address, including street and
15number, if any, of its initial registered office in this State,
16and the name of its initial registered agent at such address;
17(c) the period of duration, which may be perpetual; (d) the
18name and address, including street and number, if any, of each
19incorporator; (e) the purpose or purposes for which the
20corporation is organized; (f) the aggregate number of shares
21which the corporation shall have authority to issue; and if the
22shares are to consist of one class only, the par value of each
23of the shares; or, if the shares are to be divided into
24classes, the number of shares of each class, if any, that are
25to have a par value of each share of each such class, and the
26number of shares of each class, if any, that are to be without

 

 

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1par value; (g) if the shares are to be divided into classes,
2the designation of each class and a statement of the
3preferences, qualifications, limitations, restrictions, and
4the special or relative rights in respect of the shares of each
5class; (h) the number and class of shares to be issued by the
6corporation before it commences business, and the
7consideration to be received by the corporation therefor, which
8shall be not less than $1,000. If shares of more than one class
9are to be issued, the consideration for shares of each class
10shall be separately stated; (i) the number of directors to be
11elected at the first meeting of shareholders; (j) any
12provisions, not inconsistent with law, which the incorporators
13may choose to insert, for the regulation of the internal
14affairs of the corporation.
15(Source: P.A. 84-550.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.