(805 ILCS 105/107.90)
Not-for-profit residential cooperative.
(a) As used in this Section:
"Member" includes the plural "members", where a
membership is jointly held.
"Membership agreement" means the contract and other
documents that define the rights of the member to occupy, use, or possess a portion or all of a parcel of real estate exclusively.
"Class of membership" means a grouping of members
based on the same privileges, rights, and manner of treatment by the corporation.
(b) The provisions of this Section apply only to a not-for-profit
corporation organized for the purpose of residential cooperative housing
consisting of 50 or more single family dwellings
with individual unit legal descriptions based upon a recorded plat of a
located in a county
containing a population between 780,000 and 3,000,000 inhabitants, and for
which the title to one or more member's parcels is held by the corporation.
(c) If (i) title for real property occupied or controlled by a member under
a membership agreement is held by or is transferred to that member; (ii) more
than one class of membership exists; or (iii) the corporation fails to obtain
recognition or loses recognition as a Cooperative Housing Corporation under
Section 216 of the Internal Revenue Code of 1954, as amended, then:
(1) The board of directors shall issue notice to the
members within 10 days after obtaining knowledge of (i), (ii), or (iii), or within 10 days after the effective date of this amendatory Act of the 91st General Assembly, if the board obtained such knowledge before the effective date of this amendatory Act of the 91st General Assembly.
(2) At the member's option, any member may receive a
warranty deed for full title to the real property that he or she occupies issued by the not-for-profit corporation, upon presentation of a notarized and written request to the corporation, provided that the corporation holds the title.
(3) The member may withdraw from the corporation, at
the member's option. The member shall retain his or her interest in any common property held by the corporation or may transfer his or her interest to the corporation for fair value, at the member's option.
(Source: P.A. 91-465, eff. 8-6-99.)