Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Illinois Compiled Statutes

 ILCS Listing   Public Acts  Search   Guide   Disclaimer

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

805 ILCS 317/40

    (805 ILCS 317/40)
    Sec. 40. Members.
    (a) To begin business, a limited cooperative association must have at least 3 members unless the sole member is a cooperative.
    (b) A person becomes a member:
        (1) as provided in the articles or bylaws;
        (2) as the result of a merger or conversion under
Section 65; or
        (3) with the consent of all the members.
    (c) A member, solely by reason of being a member, may not act for or bind the limited cooperative association.
    (d) Unless the articles provide otherwise, a debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member.
    (e) The total voting membership body shall constitute the assembly of the limited cooperative association.
    (f) The assembly shall meet annually at a time provided in the articles or bylaws or set by the board of directors not inconsistent with the articles and bylaws.
    (g) Failure to hold an annual assembly meeting does not affect the validity of any action by the limited cooperative association.
    (h) A limited cooperative association shall notify each member of the time, date, and place of a members' meeting at least 10 and not more than 60 days before the meeting; except that, if the notice is of a meeting of the members in one or more districts or classes of members, the notice shall be given only to members in those districts or classes.
(Source: P.A. 101-292, eff. 1-1-20.)