Illinois General Assembly - Full Text of Public Act 099-0677
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Public Act 099-0677





Public Act 099-0677
HB5898 EnrolledLRB099 19637 JLS 44034 b

    AN ACT concerning business.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Co-operative Act is amended by changing
Section 1 as follows:
    (805 ILCS 310/1)  (from Ch. 32, par. 305)
    Sec. 1. Any 5 or more subscribers to the shares of the
capital stock of a corporation to be organized under this Act
who may be desirous of uniting as mechanics, laborers,
agriculturists, or in any other capacity in any co-operative
association for the purpose of purchasing of or selling to all
shareholders and others, all sorts of groceries, provisions and
any other articles of merchandise, for cash or otherwise at
wholesale or retail, at such reasonable prices over the cost
thereof as will enable the members of such association to
obtain or dispose of such commodities at the smallest
practicable rate of cost and also, if desired, to manufacture
any articles of trade or merchandise such as flour, meal,
boots, shoes, clothing, groceries and to sell same as above
stated, or for the purpose of cultivating and raising
vegetables, fruits or other products, or animals for food for
said members or to sell same as above stated, or who may be
desirous of engaging as shareholders in any association for the
operating conducting of a general agricultural or
horticultural business by such shareholders, or any
combination of the 2 for the purpose of growing or producing
general or special agricultural, horticultural, orchard,
garden, nursery or dairy produce, or for the manufacture and
sale, or the sale, or the purchasing of, or the dealing in any
of the commodities mentioned in this section either at
wholesale or retail, either for the use of such shareholders or
for sale to other persons, or who may be desirous of becoming
interested in other like associations--may become incorporated
for that purpose by making a statement to that effect under
their signatures and duly acknowledged before an officer
authorized to take acknowledgments, setting forth: (a) the name
of the corporation; (b) the address, including street and
number, if any, of its initial registered office in this State,
and the name of its initial registered agent at such address;
(c) the period of duration, which may be perpetual; (d) the
name and address, including street and number, if any, of each
incorporator; (e) the purpose or purposes for which the
corporation is organized; (f) the aggregate number of shares
which the corporation shall have authority to issue; and if the
shares are to consist of one class only, the par value of each
of the shares; or, if the shares are to be divided into
classes, the number of shares of each class, if any, that are
to have a par value of each share of each such class, and the
number of shares of each class, if any, that are to be without
par value; (g) if the shares are to be divided into classes,
the designation of each class and a statement of the
preferences, qualifications, limitations, restrictions, and
the special or relative rights in respect of the shares of each
class; (h) the number and class of shares to be issued by the
corporation before it commences business, and the
consideration to be received by the corporation therefor, which
shall be not less than $1,000. If shares of more than one class
are to be issued, the consideration for shares of each class
shall be separately stated; (i) the number of directors to be
elected at the first meeting of shareholders; (j) any
provisions, not inconsistent with law, which the incorporators
may choose to insert, for the regulation of the internal
affairs of the corporation.
(Source: P.A. 84-550.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/29/2016