Sec. 65. Conversion.
98 words·~1 min read·
/il/chapter-805/act-317/65A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 65. Conversion. A limited worker cooperative association may convert into any form of entity permitted if the board of managers or managing members of the limited worker cooperative association adopts a plan of conversion and the assembly adopts such a plan by a two-thirds majority vote. In the case of a collective worker cooperative, a limited worker cooperative association may convert into any form of entity permitted if the members adopt a plan by a two-thirds majority vote. Conversions from other forms of entities to a limited worker cooperative association are governed by the Entity Omnibus Act.