Bill Title: Creates the Limited Cooperative Association Act. Authorizes the organization of a limited cooperative association, as an entity distinct from its members, for any lawful purpose, whether or not for profit. Provides that a limited cooperative association may be a collective worker cooperative in which there is only one class of members consisting of worker-members who manage all of the affairs of the limited cooperative association or a worker cooperative or employment cooperative that includes a class of worker-members who are natural persons whose patronage consists of labor contributed to or other work performed for the limited cooperative association. Contains provisions regarding: findings; formation; articles of organization; organization; bylaws; members; community investors; voting; a board of directors; an assembly; dissolution; conversion; and applicability of securities laws. Amends the Co-operative Act and the Illinois Securities Law of 1953 to make conforming changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 38-1)

Status: (Passed) 2019-08-09 - Public Act . . . . . . . . . 101-0292 [HB3663 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2019-08-12	HTML/Text	Link	View
Enrolled	2019-05-17	HTML/Text	Link	View
Engrossed	2019-04-02	HTML/Text	Link	View
Introduced	2019-02-15	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2019-03-13	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3663 currently on file.

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