Bill Text: IL HB0274 | 2013-2014 | 98th General Assembly | Amended
Bill Title: Amends the Attorney General Act. Makes a technical change in the Section concerning the short title of the Act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB0274 Detail]
Download: Illinois-2013-HB0274-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 274
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| 2 | AMENDMENT NO. ______. Amend House Bill 274 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Business Enterprise for Minorities, | ||||||
| 5 | Females, and Persons with
Disabilities Act is amended by adding | ||||||
| 6 | Section 5.5 as follows:
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| 7 | (30 ILCS 575/5.5 new) | ||||||
| 8 | Sec. 5.5. Inclusion of silent investors. Notwithstanding | ||||||
| 9 | any other provision of law, the Council must include the equity | ||||||
| 10 | ownership of silent investors of the same certification | ||||||
| 11 | category in the calculation of majority ownership and when | ||||||
| 12 | calculating control of a company when the silent investors have | ||||||
| 13 | given control to one or more persons of that certification | ||||||
| 14 | category. | ||||||
| 15 | As used in this Section, "silent investor" includes a | ||||||
| 16 | shareholder of a corporation, a limited partner in a limited | ||||||
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| 1 | partnership, a member of a limited liability company, or any | ||||||
| 2 | other form of equity ownership without regard to the form of | ||||||
| 3 | business organization used by the business, if any. | ||||||
| 4 | As used in this Section, "certification category" means a | ||||||
| 5 | minority person, a female, or a person with a disability.
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| 6 | Section 99. Effective date. This Act takes effect upon | ||||||
| 7 | becoming law.".
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