Sec. 40. Members.
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/il/chapter-805/act-317/40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40. Members.
(a)An association formed under this Act may include multiple classes of patron members whose rights and proprietary interests shall be determined by the articles or cooperative agreement.
(b)To begin business, a limited worker cooperative association must have at least 3 members unless the sole member is a cooperative.
(c)A person becomes a member:
(1)as provided in the articles or cooperative agreement;
(2)as the result of a merger or conversion under Section 65; or
(3)with the consent of all the members.
(d)A member, solely by reason of being a member, may not act for or bind the limited worker cooperative association.
(e)Unless the articles provide otherwise, a debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member.
(f)The total voting membership body shall constitute the assembly of the limited worker cooperative association.
(g)The assembly shall meet annually at a time provided in the articles or cooperative agreement or set by the board of managers or managing members not inconsistent with the articles and cooperative agreement.
(h)Failure to hold an annual assembly meeting does not affect the validity of any action by the limited worker cooperative association.
(i)A limited worker cooperative association shall notify each member of the time, date, and place of a members' meeting at least 10 and not more than 60 days before the meeting; except that, if the notice is of a meeting of the members in one or more districts or classes of members, the notice shall be given only to members in those districts or classes.