Full Text of HB5898 99th General Assembly
HB5898enr 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning business.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Co-operative Act is amended by changing | 5 | | Section 1 as follows:
| 6 | | (805 ILCS 310/1) (from Ch. 32, par. 305)
| 7 | | Sec. 1.
Any 5 or more subscribers to the shares of the | 8 | | capital
stock of a corporation to be organized under this Act | 9 | | who may be desirous
of uniting as mechanics, laborers, | 10 | | agriculturists, or in any other capacity
in any co-operative | 11 | | association for the purpose of purchasing of or selling
to all | 12 | | shareholders and others, all sorts of groceries, provisions and | 13 | | any
other articles of merchandise, for cash or otherwise at | 14 | | wholesale or
retail, at such reasonable prices over the cost | 15 | | thereof as will enable the
members of such association to | 16 | | obtain or dispose of such commodities at the
smallest | 17 | | practicable rate of cost and also, if desired, to manufacture | 18 | | any
articles of trade or merchandise such as flour, meal, | 19 | | boots, shoes,
clothing, groceries and to sell same as above | 20 | | stated, or for the purpose of
cultivating and raising | 21 | | vegetables, fruits or other products, or animals
for food for | 22 | | said members or to sell same as above stated , or who may be
| 23 | | desirous of engaging as shareholders in any association for the |
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| 1 | | operating conducting
of a general agricultural or | 2 | | horticultural business by such shareholders , or any | 3 | | combination of
the 2 for the purpose of growing or producing | 4 | | general or special
agricultural, horticultural, orchard, | 5 | | garden, nursery or dairy produce, or
for the manufacture and | 6 | | sale, or the sale, or the purchasing of, or the
dealing in any | 7 | | of the commodities mentioned in this section either at
| 8 | | wholesale or retail, either for the use of such shareholders or | 9 | | for sale to
other persons, or who may be desirous of becoming | 10 | | interested in other like
associations--may become incorporated | 11 | | for that purpose by making a
statement to that effect under | 12 | | their signatures and duly acknowledged before
an officer | 13 | | authorized to take acknowledgments, setting forth: (a) the
name | 14 | | of the corporation; (b) the address, including street and | 15 | | number, if
any, of its initial registered office in this State, | 16 | | and the name of its
initial registered agent at such address; | 17 | | (c) the period of duration, which
may be perpetual; (d) the | 18 | | name and address, including street and number, if
any, of each | 19 | | incorporator; (e) the purpose or purposes for which the
| 20 | | corporation is organized; (f) the aggregate number of shares | 21 | | which the
corporation shall have authority to issue; and if the | 22 | | shares are to
consist of one class only, the par value of each | 23 | | of the shares; or, if
the shares are to be divided into | 24 | | classes, the number of shares of each
class, if any, that are | 25 | | to have a par value of each share of each such
class, and the | 26 | | number of shares of each class, if any, that are to be
without |
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| 1 | | par value; (g) if the shares are to be divided into classes, | 2 | | the
designation of each class and a statement of the | 3 | | preferences,
qualifications, limitations, restrictions, and | 4 | | the special or relative
rights in respect of the shares of each | 5 | | class; (h) the number and class of
shares to be issued by the | 6 | | corporation before it commences business,
and the | 7 | | consideration to be received by the corporation therefor, which
| 8 | | shall be not less than $1,000. If shares of more than one
class | 9 | | are to be issued, the consideration for shares of each class | 10 | | shall be
separately stated; (i) the number of directors to be | 11 | | elected at the first
meeting of shareholders; (j) any | 12 | | provisions, not inconsistent with law,
which the incorporators | 13 | | may choose to insert, for the regulation of the
internal | 14 | | affairs of the corporation.
| 15 | | (Source: P.A. 84-550.)
| 16 | | Section 99. Effective date. This Act takes effect upon | 17 | | becoming law.
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