State of Illinois
90th General Assembly
Legislation

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90_SB1038

      805 ILCS 310/22           from Ch. 32, par. 326
          Amends  the  Co-operative  Act  to   provide   that   the
      prohibition  against  a  corporation or association using the
      term "Co-operative" as part of its name or  title  unless  it
      has complied with the provisions of the Act does not apply to
      a  corporation or association organized under the General Not
      For  Profit  Corporation  Act  of  1986   or   the   Business
      Corporation  Act  of  1983 for ownership or administration of
      residential  property  on  a  cooperative  basis.   Effective
      immediately.
                                                     LRB9003443NTsb
                                               LRB9003443NTsb
 1        AN ACT to amend the Co-operative Act by changing  Section
 2    22.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Co-operative Act is amended  by  changing
 6    Section 22 as follows:
 7        (805 ILCS 310/22) (from Ch. 32, par. 326)
 8        Sec.   22.   No   corporation  or  association  hereafter
 9    organized or doing business for profit in this State shall be
10    entitled to use the term "Co-operative"  as  a  part  of  its
11    corporate  or  other  business  name  or  title unless it has
12    complied  with  the  provisions  of  this   Act,   except   a
13    corporation  or  association  organized under the General Not
14    For Profit  Corporation  Act  of  1986  for  the  purpose  of
15    ownership  or  administration  of  residential  property on a
16    cooperative basis, or a corporation or association  organized
17    under  the  Business  Corporation  Act  of  1983 for the same
18    purpose.; and Any corporation or  association  violating  the
19    provision of this Section may be enjoined from doing business
20    under  such  name  at  the instance of any shareholder of any
21    association or corporation organized under this Act.
22    (Source: Laws 1915, p. 325.)
23        Section 99.  Effective date.  This Act takes effect  upon
24    becoming law.

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