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Promissory notes shall not be accepted in payment or part payment of stock issued in pursuance of any of the provisions of this Act.

§ 104. Proof of depositing annual report in the United States mail. properly addressed and postage paid, shall not be deemed a compliance with this Act, unless such report is actually received by the Secretary of State. The burden of proof of actual receipt of such report by the Secretary of State shall rest upon the corporation and the proof of mailing by the corporation shall not create any presumption that such report was actually received by the Secretary of State.

In case of return by the Secretary of state for correction of an annual report received by him for filing within the time prescribed by this Act, the penalties hereafter prescribed by this Act shall not apply, provided, such annual report is duly corrected and returned to the Secretary of State by such corporation prior to April first of the year in which it is due.

APPROVED June 28, 1923.

PAWNERS' SOCIETIES.

§ 1. Adds section 17 to Act of 1899.
§ 17.

When provisions of General
Corporation Act applies.

(HOUSE BILL NO. 16. APPROVED JUNE 20, 1923.)

AN ACT to add section 17 to "An Act to provide for the incorporation, management and regulation of pawners' societies and limiting the rate of compensation to be paid for advances, storage and insurance on pawns and pledges and to allow the loaning of money upon personal property," approved March 29, 1899, as amended.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

SECTION 1. Section 17 is added to "An Act to provide for the incorporation, management and regulation of pawners' societies and limiting the rate of compensation to be paid for advances, storage and insurance on pawns and pledges and to allow the loaning of money upon personal property," approved March 29, 1899, as amended, this section to read as follows:

§ 17. The provisions of "The General Corporation Act,” approved June 28, 1919, as amended, relating to changing the corporate name, increasing or decreasing the capital stock of corporations for pecuniary profit, otherwise amending the articles of incorporation of such corporations, and merging and consolidating such corporations, shall apply to corporations organized under this Act.

APPROVED June 20, 1923.

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AN ACT to amend sections 2 and 3 of an Act entitled "An Act in relation to corporations for pecuniary profit," approved June 28, 1919, in force July 1, 1919, as subsequently amended.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That sections 2 and 3 of an Act entitled "An Act in relation to corporations for pecuniary profit," approved June 28, 1919, in force July 1, 1919, as subsequently amended, be and hereby are amended to read as follows:

§ 2. Corporations may be organized in the manner provided in this Act for any lawful purpose, except for the purpose of banking, insurance, real estate brokerage, the operation of railroads, or the business of loaning money, provided, however, that agency and loan corporations organized under the provisions of section 3 of The General Corporation Act may engage in the business of real estate brokerage and the business of loaning money and in the insurance agency business as provided in said section 3, and subject to all the limitations, conditions and restrictions hereinafter imposed on agency and loan corporations.

§ 3. Corporations may be organized hereunder for the following respective purposes:

"Building corporations," for acquiring, owning, erecting, leasing or operating only one building and the site therefor; and for no other purpose; "Agency and loan corporations", for the purpose of acting as agents and brokers for others in the purchase, sale, renting and management of real estate and leasehold interests, in the operation of an insurance agency business, in the negotiation of loans on real estate and leasehold interests, and for the purpose of lending money on bonds or notes secured by mortgages or trust deeds on real estate or leaseholds or on the mortgage bonds of industrial or railroad companies or of any public service corporation or on any State, municipal, or quasi-municipal bonds, or for the purpose of buying, selling, pledging, mortgaging or otherwise dealing in any of such securities; and for the purpose of acting as trustee in connection with any of the foregoing securities, and for no other purpose.

"Real estate improvement corporations," for the purpose of owning land, erecting residences thereon, and selling or leasing such land. or residences, which land so owned shall be situated only in the county in which its principal office is located, and for no other purpose. APPROVED June 26, 1923.

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AN ACT authorizing the formation of non-profit co-operative associations with or without capital stock to promote the orderly marketing of agricultural products through co-operation; defining the various terms used therein; defining the method for the organization of such associations; enumerating the purposes and powers thereof; providing that the Director of Agriculture shall furnish information relative to conditions that would effect the success of such associations; prescribing the rights, privileges and obligations of membership therein; providing for articles of incorporation and amendments thereto; providing for by-laws and what they shall contain, the election of officers and directors and manner of filling vacancies which may occur from any cause; regulating issuing of membership certificates or stock and payment therefor, restricting the ownership and transfer of same, and the purchase of outstanding stock by the association under certain conditions; providing for the removal of officers and directors; providing for a referendum on matters of policy; providing for marketing contracts and remedies for breach of said contracts; providing for the purchase of other associations and the business of persons, firms or corporations, paying for same in preferred stock; providing that annual reports be filed with the Director of Agriculture; providing that conflicting laws shall not

apply to this Act; providing that associations may acquire interest in other associations or corporations and giving authority to make contracts with them; providing that organizations formed in other states under similar laws shall have the same rights; providing that associations heretofore organized may reorganize under this Act; making it a misdemeanor to spread false reports regarding any association; providing liability for causing violation of contracts; providing that such associations are not in restraint of trade; providing that the unconstitutionality of any one section shall not effect remainder of Act; provides that the provision of the general corporation laws shall apply unless otherwise provided; providing for ananual license fees and filing fees and the payment thereof; and providing that this Act be cited as The Co-operative Marketing Act. Be it enacted by the People of the State of Illinois, represented in the General Assembly:

SECTION 1. DECLARATION OF POLICY.

(a) In order to promote, foster and encourage the intelligent and orderly marketing of agricultural products through co-operation; and to eliminate speculation and waste; and to make the distribution of agricultural products between producer and consumer as direct as can be efficiently done; and to stabalize the marketing of agricultural products; and to provide for the organization and incorporation of co-operative marketing associations for the marketing of such products, this Act is passed.

§ 2. DEFINITIONS.

As used in this Act.

(a) The term "agricultural products" shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products.

(b) The term "member" shall include actual members of associations without capital stock and holders of common stock in associations organized with capital stock.

(c) The term "association" means any corporation organized under this Act.

(d) The term "person" shall include individuals, firms, partnerships, corporations and associations.

Associations organized hereunder shall be deemed "nonprofit," inasmuch as they are not organized to make profit for themselves, as such, or for their members, as such, but only for their members as producers.

(e) For the purposes of brevity and convenience this Act may be indexed, referred to and cited as "The Co-operative Marketing Act."

§ 3. WHO MAY ORGANIZE.

Eleven (11) or more persons, a majority of whom are residents of this State, engaged in the production of agricultural products, may form a nonprofit, co-operative association, with or without capitalstock, under the provisions of this Act.

§ 4. PURPOSES.

An association may be organized to engage in any activity in connection with the marketing or selling of the agricultural products of its members, or with the harvesting, preserving, drying, processing, canning, packing, grading, storing, handling, shipping or utilization thereof, or the manufacturing or marketing of the by-products thereof; or in connection with the manufacturing, selling or supplying to its members of machinery, equipment or supplies; or in the financing of the above enumerated activities; or in any one or more of the activities specified herein.

§ 5. PRELIMINARY INVESTIGATION.

Every group of persons contemplating the organization of an association under this Act is urged to communicate with the Director of Agriculture, who will inform them whatever a survey of the marketing conditions affecting the commodities proposed to be handled may indicate regarding probable success.

It is here recognized that agriculture is characterized by individual production in contrast to the group or factory system that characterizes other forms of industrial production; and that the ordinary form of corporate organization permits industrial groups to combine for the purpose of group production and the ensuing group marketing and that the public has an interest in permitting farmers to bring their industry to the high degree of efficiency and merchandising skill evidenced in the manufacturing industries; and that the public interest urgently needs to prevent the migration from the farm to the city in order to keep up farm production and to preserve the agricultural supply of the nation; and that the public interest demands that the farmer be encouraged to attain a superior and more direct system of marketing in the substitution of merchandising for the blind, unscientific and speculative selling of crops; and that for this purpose, the farmers should secure special guidance and instructive data from the Director of Agriculture.

§ 6. POWERS. '

Each association incorporated under this Act shall have the following powers:

(a) To engage in any activity in connection with the marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling or utilization of any agricultural products produced or delivered to it by its members, or the manufacturing or marketing of the by-products thereof; or any activities in connection with the purchase, hiring or use by its members of supplies, machinery or equipment; or in the financing of any such activities; or in any one or more of the activities specified in this section.

Any such association may limit its activities to the handling or the marketing of products of its own members only, except for storage. If it handled the products of non-members, such non-members' products handled in any fiscal year must not exceed the total of similar

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