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90_HB2315
765 ILCS 1025/4.1 new
Amends the Uniform Disposition of Unclaimed Property Act.
Provides that funds held or owing by certain agricultural
cooperatives are presumed abandoned if any qualified notice
of allocation, including capital stock issued as patronage
distributions or to reflect membership in or other capital
stock, capital stock credits issued, or dividends by an
agricultural cooperative has remained unclaimed for more than
7 years. Provides that the unclaimed qualified notices of
allocation, capital stock, capital stock credits, or
dividends shall not be subject to, or governed by, any other
provisions of the Uniform Disposition of Unclaimed Property
Act, but rather shall be used by the agricultural cooperative
for the general membership of the agricultural cooperative.
LRB9006819SMdv
LRB9006819SMdv
1 AN ACT to amend the Uniform Disposition of Unclaimed
2 Property Act by adding Section 4.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Uniform Disposition of Unclaimed Property
6 Act is amended by adding Section 4.1 as follows:
7 (765 ILCS 1025/4.1 new)
8 Sec. 4.1. Funds held or owing by an agricultural
9 cooperative; presumption of abandonment. Funds held or
10 owing by an agricultural cooperative operating in accord with
11 Subchapter T or Section 521 of the Internal Revenue Code are
12 presumed abandoned if any qualified notice of allocation,
13 including capital stock issued as patronage distributions or
14 to reflect membership in or other capital stock, capital
15 stock credits issued, or dividends paid thereon, by an
16 agricultural cooperative has remained unclaimed by the person
17 appearing on the records of the cooperative entitled thereto
18 for more than 7 years. The unclaimed qualified notices of
19 allocation, capital stock, capital stock credits, or
20 dividends shall not be subject to, or governed by, any other
21 provisions of this Act, but rather shall be used by the
22 agricultural cooperative for the general membership of the
23 agricultural cooperative.