Sec. 30. Organization of limited worker cooperative association.
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/il/chapter-805/act-317/30A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 30. Organization of limited worker cooperative association.
(a)After a limited worker cooperative association is formed:
(1)if initial managers or managing members are named in the articles, the initial
managers or managing members shall hold an organizational meeting to adopt initial cooperative agreement and carry on any other business necessary or proper to complete the organization of the association; or
(2)if initial managers or managing members are not named in the articles, the
organizers shall designate the initial managers or managing members and call a meeting of the initial managers or managing members to adopt initial cooperative agreement and carry on any other business necessary or proper to complete the organization of the association.
(b)Unless the articles otherwise provide, the initial managers or managing members may cause the limited worker cooperative association to accept members, including those necessary for the association to begin business.
(c)Initial managers need not be members.
(d)An initial manager or managing member serves until a successor is elected and qualified at a members' meeting or the manager or managing member is removed, resigns, is adjudged incompetent, or dies.