IL HB5898

Amends the Co-operative Act (805 ILCS 310/1) to broaden the types of cooperative associations that can be formed by removing restrictions on specific member occupations and business activities.

Removes language limiting cooperative formation to "mechanics, laborers, agriculturists" and eliminates specific references to manufacturing, agricultural production, and horticultural operations.

Simplifies the stated purpose to allow any 5 or more shareholders to form a cooperative for "operating of a business by such shareholders" rather than listing exhaustive categories of permitted activities.

Maintains existing incorporation requirements including a minimum of $1,000 in initial share consideration and standard corporate filing requirements (registered office, agent, directors, share structure).

Takes effect upon becoming law.