Sec. 50. Board of managers or managing members.
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/il/chapter-805/act-317/50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 50. Board of managers or managing members.
(a)A limited worker cooperative association must have a board of managers or managing members of at least 3 individuals, unless the limited worker cooperative association is a collective worker cooperative. Subsections
(b)through
(e)do not apply to collective worker cooperatives.
(b)The affairs of a limited worker cooperative association must be managed by, or under the direction of, the board of managers or managing members unless the board delegates those duties to the assembly of the worker limited cooperative association. The board may adopt policies and procedures that do not conflict with the articles, cooperative agreement, or this Act.
(c)An individual is not an agent for a limited worker cooperative association solely by being a manager or managing member.
(d)A debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not a debt, obligation, or liability of a manager or managing member solely by reason of being a manager or managing member. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a manager or managing member.