Full Text of SB3438 98th General Assembly
SB3438sam001 98TH GENERAL ASSEMBLY | Sen. Don Harmon Filed: 4/1/2014
| | 09800SB3438sam001 | | LRB098 18636 JLS 57687 a |
|
| 1 | | AMENDMENT TO SENATE BILL 3438
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3438 on page 1 by | 3 | | replacing line 5 with the following:
| 4 | | "Sections 1 and 2 as follows:
| 5 | | (805 ILCS 310/1) (from Ch. 32, par. 305)
| 6 | | Sec. 1.
Any 5 or more subscribers to the shares of the | 7 | | capital
stock of a corporation to be organized under this Act | 8 | | who may be desirous
of uniting as mechanics, laborers, | 9 | | agriculturists, or in any other capacity
in any co-operative | 10 | | association for the purpose of purchasing of or selling
to all | 11 | | shareholders and others, all sorts of groceries, provisions and | 12 | | any
other articles of merchandise, for cash or otherwise at | 13 | | wholesale or
retail, at such reasonable prices over the cost | 14 | | thereof as will enable the
members of such association to | 15 | | obtain or dispose of such commodities at the
smallest | 16 | | practicable rate of cost and also, if desired, to manufacture | 17 | | any
articles of trade or merchandise such as flour, meal, |
| | | 09800SB3438sam001 | - 2 - | LRB098 18636 JLS 57687 a |
|
| 1 | | boots, shoes,
clothing, groceries and to sell same as above | 2 | | stated, or for the purpose of
cultivating and raising | 3 | | vegetables, fruits or other products, or animals
for food for | 4 | | said members or to sell same as above stated, or who may be
| 5 | | desirous of engaging as shareholders in any association for the | 6 | | conducting
of a general agricultural or horticultural | 7 | | business, or any combination of
the 2 for the purpose of | 8 | | growing or producing general or special
agricultural, | 9 | | horticultural, orchard, garden, nursery or dairy produce, or
| 10 | | for the manufacture and sale, or the sale, or the purchasing | 11 | | of, or the
dealing in any of the commodities mentioned in this | 12 | | Section section either at
wholesale or retail, either for the | 13 | | use of such shareholders or for sale to
other persons, or for | 14 | | the purpose of providing services for a fee to all shareholders | 15 | | or other persons, or who may be desirous of becoming interested | 16 | | in other like
associations--may become incorporated for that | 17 | | purpose by making a
statement to that effect under their | 18 | | signatures and duly acknowledged before
an officer authorized | 19 | | to take acknowledgments, setting forth: (a) the
name of the | 20 | | corporation; (b) the address, including street and number, if
| 21 | | any, of its initial registered office in this State, and the | 22 | | name of its
initial registered agent at such address; (c) the | 23 | | period of duration, which
may be perpetual; (d) the name and | 24 | | address, including street and number, if
any, of each | 25 | | incorporator; (e) the purpose or purposes for which the
| 26 | | corporation is organized; (f) the aggregate number of shares |
| | | 09800SB3438sam001 | - 3 - | LRB098 18636 JLS 57687 a |
|
| 1 | | which the
corporation shall have authority to issue; and if the | 2 | | shares are to
consist of one class only, the par value of each | 3 | | of the shares; or, if
the shares are to be divided into | 4 | | classes, the number of shares of each
class, if any, that are | 5 | | to have a par value of each share of each such
class, and the | 6 | | number of shares of each class, if any, that are to be
without | 7 | | par value; (g) if the shares are to be divided into classes, | 8 | | the
designation of each class and a statement of the | 9 | | preferences,
qualifications, limitations, restrictions, and | 10 | | the special or relative
rights in respect of the shares of each | 11 | | class; (h) the number and class of
shares to be issued by the | 12 | | corporation before it commences business,
and the | 13 | | consideration to be received by the corporation therefor, which
| 14 | | shall be not less than $1,000. If shares of more than one
class | 15 | | are to be issued, the consideration for shares of each class | 16 | | shall be
separately stated; (i) the number of directors to be | 17 | | elected at the first
meeting of shareholders; (j) any | 18 | | provisions, not inconsistent with law,
which the incorporators | 19 | | may choose to insert, for the regulation of the
internal | 20 | | affairs of the corporation.
| 21 | | (Source: P.A. 84-550.)".
|
|