(805 ILCS 315/23) (from Ch. 32, par. 462)
Sec. 23.
An association may organize, form, operate, own, control, have an
interest in, own stock of, or be a member of any other association or
corporation, with or without capital stock, and engaged in preserving,
drying, processing, canning, packing, storing, warehousing, handling,
shipping, utilizing, manufacturing, marketing or selling of agricultural
products or by-products thereof, or in the co-operative manufacturing,
selling or supplying of machinery, equipment and supplies; or in performing
business or educational services; or in the financing of any of the above
enumerated activities.
If such associations or corporations are warehousing corporations, they
may issue legal warehouse receipts to the association against the
commodities delivered by it, or to any other person and such legal
warehouse receipts shall be considered as adequate collateral to the extent
of the usual and current value of the commodity represented thereby. In
case such warehouse is licensed or licensed and bonded under the laws of
this or any other State of the United States, its warehouse receipt
delivered to the association on commodities of the association or its
members, or delivered by the association or its members, shall not be
challenged or discriminated against because of ownership or control, wholly
or in part, by such association or corporation.
(Source: Laws 1931, p. 390.)
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