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805 ILCS 317/50

    (805 ILCS 317/50)
    Sec. 50. Board of directors.
    (a) A limited cooperative association must have a board of directors of at least 3 individuals, unless the limited cooperative association is a collective worker cooperative. Subsections (b) through (e) do not apply to collective worker cooperatives.
    (b) The affairs of a limited cooperative association must be managed by, or under the direction of, the board of directors unless the board delegates those duties to the assembly of the limited cooperative association. The board may adopt policies and procedures that do not conflict with the articles, bylaws, or this Act.
    (c) An individual is not an agent for a limited cooperative association solely by being a director.
    (d) A debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.
    (e) Directors shall be elected for terms determined by the bylaws by a majority vote of the assembly.
(Source: P.A. 101-292, eff. 1-1-20.)