Limited Worker Cooperative Associations Act

Effective July 1, HB 3577 makes changes related to the Limited Worker Cooperative Associations Act. It incorporates provisions of the Limited Liability Company Act relating to: the powers of the Secretary of State; names of associations; required forms and the filing of those forms; contents of cooperative agreements; fees; termination; procedures of administrative dissolution; annual reports; and reinstatements.

"AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly: Section 5. The Limited Worker Cooperative Association Act is amended by changing Sections 5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 55, 60, 65, and 70 and adding Sections 12, 16, 21, 22, 36, 37, 51, 52, 61, 62, and 63 as follows: (805 ILCS 317/5)
Sec. 5. Findings. The General Assembly finds and declares all of the following:
(1) the cooperative form of doing business provides an efficient and effective method for persons to transact business, offer, and obtain goods and services, and it is in the best interests of the people of the State of Illinois to promote, foster, and encourage the utilization of cooperatives in appropriate instances;

(2) the Co-operative Act and Agricultural Co-Operative
Act have provided for the promotion, fostering, and encouragement of consumer and producer cooperatives; have made distribution of agricultural products between producer and consumer more efficient; have stabilized the marketing of agricultural products; and have provided for the organization and incorporation of cooperative corporations, all as contemplated at the time of the original adoption;"
 

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