summary
Introduced
02/15/2019
02/15/2019
In Committee
05/08/2019
05/08/2019
Crossed Over
04/03/2019
04/03/2019
Passed
05/16/2019
05/16/2019
Dead
Signed/Enacted/Adopted
08/09/2019
08/09/2019
Introduced Session
101st General Assembly
Bill Summary
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.
AI Summary
This bill creates the Limited Cooperative Association Act in Illinois, which authorizes the formation of a new type of cooperative entity called a "limited worker cooperative association." The bill defines key terms like "worker cooperative" and "worker-member," and outlines the purpose, formation, organization, governance, and other provisions for these limited cooperative associations. The bill also amends existing Illinois laws to recognize and accommodate this new cooperative entity. Overall, the purpose of the bill is to create a legal framework better suited for worker cooperatives and multi-stakeholder cooperatives in Illinois.
Committee Categories
Justice
Sponsors (39)
Carol Ammons (D)*,
Iris Martinez (D)*,
Omar Aquino (D),
Kam Buckner (D),
Kelly Cassidy (D),
Cristina Castro (D),
William Davis (D),
Dan Didech (D),
Marcus Evans (D),
La Shawn Ford (D),
Jen Gong-Gershowitz (D),
Jehan Gordon-Booth (D),
LaToya Greenwood (D),
Will Guzzardi (D),
Don Harmon (D),
Sonya Harper (D),
Lisa Hernandez (D),
Mattie Hunter (D),
Emil Jones (D),
Camille Lilly (D),
Theresa Mah (D),
Rita Mayfield (D),
Margo McDermed (R),
Marty Moylan (D),
Aarón Ortíz (D),
Diane Pappas (D),
Robert Peters (D),
Delia Ramirez (D),
Bob Rita (D),
Elgie Sims (D),
Justin Slaughter (D),
Nick Smith (D),
Anne Stava-Murray (D),
Karina Villa (D),
Celina Villanueva (D),
Ram Villivalam (D),
Chris Welch (D),
Maurice West (D),
Kathleen Willis (D),
Last Action
Public Act . . . . . . . . . 101-0292 (on 08/09/2019)
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