Bill Text: IL SB3438 | 2013-2014 | 98th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 5-3)

Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1122 [SB3438 Detail]

Download: Illinois-2013-SB3438-Amended.html

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Sen. Don Harmon

Filed: 4/1/2014

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AMENDMENT TO SENATE BILL 3438
AMENDMENT NO. ______. Amend Senate Bill 3438 on page 1 by
replacing line 5 with the following:
"Sections 1 and 2 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,

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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
conducting of a general agricultural or horticultural
business, 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 section either at wholesale or retail, either for the
use of such shareholders or for sale to other persons, or for
the purpose of providing services for a fee to all shareholders
or 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

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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.)".