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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB3438 Introduced 2/14/2014, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
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805 ILCS 310/2 | from Ch. 32, par. 306 |
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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.
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| | A BILL FOR |
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| | SB3438 | | LRB098 18636 JLS 53779 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Co-operative Act is amended by changing |
| 5 | | Section 2 as follows:
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| 6 | | (805 ILCS 310/2) (from Ch. 32, par. 306)
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| 7 | | Sec. 2.
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| 8 | | No person shall be permitted to subscribe for more than 10 |
| 9 | | 5 shares of the
capital stock of such association, nor shall |
| 10 | | any person be permitted to own
or control more than 10 5 shares |
| 11 | | of the capital stock of such association. The
shares of stock |
| 12 | | shall not be less than $5 nor more than $1,000 $100 a share, |
| 13 | | and
subscriptions thereto shall be made payable to the |
| 14 | | association at such time
or times and in such manner as shall |
| 15 | | be determined by the directors. No
stock shall be issued except |
| 16 | | at its par value and no stock shall be issued
in amount to |
| 17 | | exceed $10,000 $500 to any one shareholder, except as |
| 18 | | hereinafter
provided for in Section 12 of this Act.
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| 19 | | No commission shall be directly or indirectly charged, |
| 20 | | secured, or
collected for selling stock in such association, |
| 21 | | and any person, firm or
corporation, charging, receiving or |
| 22 | | procuring, directly or indirectly, any
such commission commits |
| 23 | | a petty offense and shall be fined not less than $5
nor more |