HB 3577

Abstract

Amends the Limited Worker Cooperative Association Act. 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. Senate Committee Amendment No. 1 Adds reference to: 805 ILCS 317/5 805 ILCS 317/10 805 ILCS 317/15 805 ILCS 317/20 805 ILCS 317/30 805 ILCS 317/40 805 ILCS 317/45 805 ILCS 317/50 805 ILCS 317/51 new 805 ILCS 317/52 new 805 ILCS 317/55 805 ILCS 317/65 805 ILCS 317/70 805 ILCS 415/111 Further amends the Limited Worker Cooperative Association Act. Adds provisions relating to investor members and patron members of a limited worker cooperative association. Provides that an association may be a worker cooperative or a collective worker cooperative. Authorizes multiple classes of patron members. Provides for a board of managers or managing members rather than a board of directors. Provides for apportionment of earnings and losses and for systems of internal capital accounts. Authorizes conversions of collective worker cooperatives upon a vote by the members. Amends the Entity Omnibus Act to include the Limited Worker Cooperative Association Act within the scope of that Act. Effective July 1, 2021.