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(805 ILCS 317/35)
(a) Bylaws shall include:
(1) a statement of the capital structure of the
limited cooperative association;
(2) the classes or other types of members' interests
and relative rights, preferences, and restrictions granted to or imposed upon each class or other type of member's interest, including:
(A) a statement concerning the manner in which
profits and losses are allocated and distributions are made among members and, if community investors are authorized, the manner in which profits and losses are allocated and how distributions are made among investor members and between members and community investors;
(B) a statement designating voting and other
governance rights of each class or other type of members' interests and, if relevant, community investors, including which members have voting power and any restriction on voting power;
(3) a statement of the method for admission of
(4) a statement that a member's interest is
transferable, if it is to be transferable, and a statement of the conditions upon which it may be transferred;
(5) a statement concerning:
(A) whether persons that are not members but
conduct business with the association may be permitted to share in allocations of profits and losses and receive distributions; and
(B) the manner in which profits and losses are
allocated and distributions are made with respect to those persons; and
(6) a statement of the number and terms of directors
or the method by which the number and terms are determined; and
(7) a statement addressing members' contributions.
(b) Bylaws may contain any other provision for managing and regulating the affairs of the association.
(Source: P.A. 101-292, eff. 1-1-20