Bill Text: IL SB3438 | 2013-2014 | 98th General Assembly | Chaptered
Bill Title: Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 5-3)
Status: (Passed) 2014-08-26 - Public Act . . . . . . . . . 98-1122 [SB3438 Detail]
Download: Illinois-2013-SB3438-Chaptered.html
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| Public Act 098-1122 | ||||
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Co-operative Act is amended by changing | ||||
Sections 2 and 9 as follows:
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(805 ILCS 310/2) (from Ch. 32, par. 306)
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Sec. 2.
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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.
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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.
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(Source: P.A. 77-2377.)
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(805 ILCS 310/9) (from Ch. 32, par. 313)
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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.
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(Source: Laws 1915, p. 325.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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