Illinois Compiled Statutes 805 ILCS 317/50 – Board of managers or managing members
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(a) A limited worker cooperative association must have a board of managers or managing members of at least 3 individuals, unless the limited worker cooperative association is a collective worker cooperative. Subsections (b) through (e) do not apply to collective worker cooperatives.
(b) The affairs of a limited worker cooperative association must be managed by, or under the direction of, the board of managers or managing members unless the board delegates those duties to the assembly of the worker limited cooperative association. The board may adopt policies and procedures that do not conflict with the articles, cooperative agreement, or this Act.
(c) An individual is not an agent for a limited worker cooperative association solely by being a manager or managing member.
(d) A debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not a debt, obligation, or liability of a manager or managing member solely by reason of being a manager or managing member. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a manager or managing member.
(b) The affairs of a limited worker cooperative association must be managed by, or under the direction of, the board of managers or managing members unless the board delegates those duties to the assembly of the worker limited cooperative association. The board may adopt policies and procedures that do not conflict with the articles, cooperative agreement, or this Act.
Terms Used In Illinois Compiled Statutes 805 ILCS 317/50
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) An individual is not an agent for a limited worker cooperative association solely by being a manager or managing member.
(d) A debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not a debt, obligation, or liability of a manager or managing member solely by reason of being a manager or managing member. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a manager or managing member.