Cooperatives operate for the benefit and mutual gain of members/shareholders, who purchase shares in exchange for having a voice in how the cooperative operates. In most cases, they allow shareholders to purchase products and services as a lowest-possible cost.
The new law, signed by Quinn on August 26 as Public Act 98-1122, amends the Cooperative Act to increase the following values:
The number of shares for which a person may control from 5 to 10
The maximum price per share from $100 to $1,000
The maximum value of stock one stockholder may control from $500 to $10,000
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