Illinois General Assembly - Full Text of Public Act 098-1122
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Public Act 098-1122





Public Act 098-1122
SB3438 EnrolledLRB098 18636 JLS 53779 b

    AN ACT concerning business.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Co-operative Act is amended by changing
Sections 2 and 9 as follows:
    (805 ILCS 310/2)  (from Ch. 32, par. 306)
    Sec. 2.
    No person shall be permitted to subscribe for more than 10
5 shares of the capital stock of such association, nor shall
any person be permitted to own or control more than 10 5 shares
of the capital stock of such association. The shares of stock
shall not be less than $5 nor more than $1,000 $100 a share,
and subscriptions thereto shall be made payable to the
association at such time or times and in such manner as shall
be determined by the directors. No stock shall be issued except
at its par value and no stock shall be issued in amount to
exceed $10,000 $500 to any one shareholder, except as
hereinafter provided for in Section 12 of this Act.
    No commission shall be directly or indirectly charged,
secured, or collected for selling stock in such association,
and any person, firm or corporation, charging, receiving or
procuring, directly or indirectly, any such commission commits
a petty offense and shall be fined not less than $5 nor more
than $100.
(Source: P.A. 77-2377.)
    (805 ILCS 310/9)  (from Ch. 32, par. 313)
    Sec. 9. No shareholder in any association shall own more
than 10 five shares nor of a greater aggregate par value than
$10,000 five hundred dollars, except as hereinafter provided.
(Source: Laws 1915, p. 325.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/26/2014