Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

805 ILCS 317/52

    (805 ILCS 317/52)
    Sec. 52. System of internal capital accounts.

(a) A limited worker cooperative association may establish
through its articles or cooperative agreement a system of
internal capital accounts to reflect the book value and to
determine the redemption price of membership interests and
written notices of allocation.

(b) The articles or cooperative agreement of a limited
worker cooperative association may permit the periodic
redemption of written notices of allocation and shall
provide for recall and redemption of membership interests
upon termination of membership in the association.

(c) An association may allocate a portion of retained net
earnings and net losses to a collective reserve account.
Earnings assigned to the collective reserve account may be
used for any and all purposes as determined by the board of
managers or managing members.

(Source: P.A. 102-351, eff. 8-13-21.)