IL SB2301

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 wastewater service corporations organized on a mutual or cooperative basis, exempting them from damages claims resulting from exercise of judgment or discretion unless the director earns over $25,000 annually or engages in willful or wanton conduct.

Applies the same liability exemptions previously available to directors of water supply, telephone service, and electrification cooperatives to directors of the new wastewater service cooperatives.