Bill Title: Creates the Cooperative Association Act. Provides that a cooperative association may be organized for any lawful purpose. Contains provisions regarding: powers; indemnification; insurance; names; articles of incorporation; meetings; bylaws; membership; voting; directors and officers; limitations on liability; contracts; records; reports; duties of the Secretary of State and recorders of deeds; dissolution; fees; assets; division of cooperatives; admission of foreign cooperatives; and other matters. Authorizes worker cooperatives. Provides that the Act does not apply to residential cooperatives. Repeals the Co-operative Act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB5877 Detail]

Text: Latest bill text (Introduced) [HTML]

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