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.