IL HB4329

Adds "ownership and operation of a public wastewater service or system on a mutual or cooperative basis" as a permitted purpose for organizing not-for-profit corporations under the General Not For Profit Corporation Act of 1986.

Extends liability protection to directors of corporations organized for water supply facilities (drinking and domestic use) or public wastewater services on a mutual or cooperative basis, exempting them from damages claims for exercise of judgment or discretion unless willful or wanton conduct is involved.

Maintains the $25,000 annual compensation threshold for director liability protection, applying to agricultural associations, professional/trade associations, electrification cooperatives, telephone service cooperatives, water supply cooperatives, and the newly added wastewater service cooperatives.

Preserves exceptions to liability protection for actions involving willful or wanton conduct and allows cause of action to be brought against the corporation itself.