---
type: "Bill"
title: "CO-OPERATIVE ACT SHARE LIMIT"
description: "Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately."
jurisdiction: "us/states/il"
legislature: "Illinois General Assembly"
session: "98th"
identifier: "SB 3438"
citation: "Illinois SB 3438 (98th)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 44
vote_count: 3
first_action: "2014-02-14"
last_action: "2014-08-26"
source: "openstates"
source_identifier: "ocd-bill/6608533d-48ac-4e89-9162-799dd3d44ae0"
source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=3438&GAID=12&DocTypeID=SB&LegId=80790&SessionID=85&GA=98"
source_hash: "8f04f77b921c9ca7b814fc633e8c83b2fd00c41b6a795debb6daa5755b938a58"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-il"]
---

# Illinois SB 3438 (98th) — CO-OPERATIVE ACT SHARE LIMIT

Amends the Co-operative Act. Increases from 5 to 10 the number of shares for which a person may subscribe or control. Increases from $100 to $1,000 the maximum subscription price per share. Increase from $500 to $10,000 the maximum value of stock issued to any one shareholder. Effective immediately.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB3438&GA=98&SessionId=85&DocTypeId=SB&LegID=80790&DocNum=3438&GAID=12&Session=&print=true)
2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB3438eng&GA=98&SessionId=85&DocTypeId=SB&LegID=80790&DocNum=3438&GAID=12&Session=&print=true)
3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09800SB3438enr&GA=98&SessionId=85&DocTypeId=SB&LegID=80790&DocNum=3438&GAID=12&Session=&print=true)

## Votes

- Third Reading — **55–0** (pass) · upper
- Concurrence — **57–0** (pass) · upper
- Third Reading — **112–0** (pass) · lower

## Sponsors

- Don Harmon — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2014-02-14** Filed with Secretary by Sen. Don Harmon `filing`
- **2014-02-14** First Reading `reading-1`
- **2014-02-14** Referred to Assignments `referral-committee`
- **2014-03-05** Assigned to Judiciary `referral-committee`
- **2014-03-20** Do Pass Judiciary; 009-000-000 `committee-passage`
- **2014-03-20** Placed on Calendar Order of 2nd Reading March 21, 2014
- **2014-03-26** Added as Co-Sponsor Sen. Michael W. Frerichs
- **2014-03-27** Second Reading `reading-2`
- **2014-03-27** Placed on Calendar Order of 3rd Reading April 1, 2014
- **2014-04-01** Senate Floor Amendment No. 1 Filed with Secretary by Sen. Don Harmon `amendment-introduction`
- **2014-04-01** Senate Floor Amendment No. 1 Referred to Assignments `referral-committee`
- **2014-04-02** Added as Chief Co-Sponsor Sen. David Koehler
- **2014-04-02** Third Reading - Passed; 055-000-000 `reading-3, passage`
- **2014-04-02** Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) `amendment-failure`
- **2014-04-03** Arrived in House `introduction`
- **2014-04-03** Chief House Sponsor Rep. Barbara Wheeler
- **2014-04-03** First Reading `reading-1`
- **2014-04-03** Referred to Rules Committee `referral-committee`
- **2014-04-08** Added Alternate Chief Co-Sponsor Rep. Naomi D. Jakobsson
- **2014-04-23** Assigned to Judiciary `referral-committee`
- **2014-04-29** House Committee Amendment No. 1 Filed with Clerk by Rep. Barbara Wheeler `amendment-introduction`
- **2014-04-29** House Committee Amendment No. 1 Referred to Rules Committee `referral-committee`
- **2014-05-05** House Committee Amendment No. 1 Rules Refers to Judiciary
- **2014-05-06** Added Alternate Chief Co-Sponsor Rep. Michael W. Tryon
- **2014-05-07** House Committee Amendment No. 1 Adopted in Judiciary; by Voice Vote `amendment-passage`
- **2014-05-07** Do Pass as Amended / Short Debate Judiciary; 015-000-000 `committee-passage`
- **2014-05-07** Placed on Calendar 2nd Reading - Short Debate
- **2014-05-13** Second Reading - Short Debate `reading-2`
- **2014-05-13** Placed on Calendar Order of 3rd Reading - Short Debate
- **2014-05-22** Added Alternate Chief Co-Sponsor Rep. Kelly M. Cassidy
- **2014-05-22** Added Alternate Chief Co-Sponsor Rep. Ron Sandack
- **2014-05-23** Third Reading - Short Debate - Passed 112-000-000 `reading-3, passage`
- **2014-05-23** Secretary's Desk - Concurrence House Amendment(s) 1
- **2014-05-23** Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 26, 2014
- **2014-05-27** House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Don Harmon `filing`
- **2014-05-27** House Committee Amendment No. 1 Motion to Concur Referred to Assignments `referral-committee`
- **2014-05-27** House Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary `referral-committee`
- **2014-05-28** House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 010-000-000
- **2014-05-30** House Committee Amendment No. 1 Senate Concurs 057-000-000
- **2014-05-30** Passed Both Houses
- **2014-06-27** Sent to the Governor `executive-receipt`
- **2014-08-26** Governor Approved `executive-signature`
- **2014-08-26** Effective Date August 26, 2014
- **2014-08-26** Public Act . . . . . . . . . 98-1122 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/6608533d-48ac-4e89-9162-799dd3d44ae0`. Confidence: reported (aggregated from official Illinois legislature records).