Wheeler Bill to Assist Cooperatives Signed into Law

Legislation that will help cooperatives grow and expand in Illinois has been signed into law by Governor Quinn.

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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