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(805 ILCS 317/40)
(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
(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