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