Illinois Compiled Statutes 805 ILCS 317/63 – Reinstatement following dissolution or termination
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(a) A limited worker cooperative association dissolved or terminated under Section 60 may be reinstated by the Secretary of State following the date of issuance of the notice of dissolution or statement of termination upon:
(1) The filing of an application for reinstatement.
(2) The filing with the Secretary of State by the
(1) The filing of an application for reinstatement.
Terms Used In Illinois Compiled Statutes 805 ILCS 317/63
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(2) The filing with the Secretary of State by the
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limited worker cooperative association of all reports then due and theretofore becoming due.
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(3) The payment to the Secretary of State by the
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limited worker cooperative association of all fees and penalties then due and theretofore becoming due.
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(b) The application for reinstatement shall be executed and filed in duplicate in accordance with Section 25 of this Act and shall set forth all of the following:
(1) The name of the limited worker cooperative
(1) The name of the limited worker cooperative
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association at the time of the issuance of the notice of dissolution or statement of termination.
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(2) If the name is not available for use as
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determined by the Secretary of State at the time of filing the application for reinstatement, the name of the limited worker cooperative association as changed, provided that any change of name is properly effected under Section 1-10 and Section 5-25 of the Limited Liability Company Act.
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(3) The date of issuance of the notice of
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dissolution or statement of termination.
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(4) The address, including street and number or rural
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route number of the registered office of the limited worker cooperative association upon reinstatement thereof and the name of its registered agent at that address upon the reinstatement of the limited worker cooperative association, provided that any change from either the registered office or the registered agent at the time of dissolution is properly reported under Section 1-35 of the Limited Liability Company Act.
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(c) When a dissolved or terminated limited worker cooperative association has complied with the provisions of the Section, the Secretary of State shall file the application for reinstatement.
(d) Upon the filing of the application for reinstatement, the limited worker cooperative association existence shall be deemed to have continued without interruption from the date of the issuance of the notice of dissolution or statement of termination. The limited worker cooperative association shall stand revived with the powers, duties, and obligations as if it had not been dissolved or terminated. All acts and proceedings of its members, directors, officers, employees, and agents, acting or purporting to act in that capacity, and which would have been legal and valid but for the dissolution or termination, shall stand ratified and confirmed.
(e) Without limiting the generality of subsection (d), upon the filing of the application for reinstatement, no member, director, or officer shall be personally liable for the debts and liabilities of the limited worker cooperative association incurred during the period of dissolution or termination by reason of the fact that the limited worker cooperative association was dissolved or terminated at the time the debts or liabilities were incurred.
(d) Upon the filing of the application for reinstatement, the limited worker cooperative association existence shall be deemed to have continued without interruption from the date of the issuance of the notice of dissolution or statement of termination. The limited worker cooperative association shall stand revived with the powers, duties, and obligations as if it had not been dissolved or terminated. All acts and proceedings of its members, directors, officers, employees, and agents, acting or purporting to act in that capacity, and which would have been legal and valid but for the dissolution or termination, shall stand ratified and confirmed.
(e) Without limiting the generality of subsection (d), upon the filing of the application for reinstatement, no member, director, or officer shall be personally liable for the debts and liabilities of the limited worker cooperative association incurred during the period of dissolution or termination by reason of the fact that the limited worker cooperative association was dissolved or terminated at the time the debts or liabilities were incurred.