Rep. Linda Chapa LaVia

Filed: 4/8/2013

 

 


 

 


 
09800HB0274ham002LRB098 03154 HLH 43831 a

1
AMENDMENT TO HOUSE BILL 274

2    AMENDMENT NO. ______. Amend House Bill 274 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Business Enterprise for Minorities,
5Females, and Persons with Disabilities Act is amended by adding
6Section 5.5 as follows:
 
7    (30 ILCS 575/5.5 new)
8    Sec. 5.5. Inclusion of silent investors. Notwithstanding
9any other provision of law, the Council must include the equity
10ownership of silent investors of the same certification
11category in the calculation of majority ownership and when
12calculating control of a company when the silent investors have
13given control to one or more persons of that certification
14category.
15    As used in this Section, "silent investor" includes a
16shareholder of a corporation, a limited partner in a limited

 

 

09800HB0274ham002- 2 -LRB098 03154 HLH 43831 a

1partnership, a member of a limited liability company, or any
2other form of equity ownership without regard to the form of
3business organization used by the business, if any.
4    As used in this Section, "certification category" means a
5minority person, a female, or a person with a disability.
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.".