§1290.30. Dispensing Organization Principal Officers

a)         In addition to the individuals identified in the dispensing organization's by-laws as principal officers, the following individuals are considered principal officers:

 

1)         If a corporation, the officers of the corporation;

 

2)         If a partnership, the partners;

 

3)         If a limited liability company, the members and managers of the limited liability company;

 

4)         If an association or cooperative, the members of the association or cooperative;

 

5)         If a joint venture, the individuals who signed the joint venture agreement; and

 

6)         If a business organization other than the types listed in subsections (a)(1) through (5), the members of the business organization.

 

b)         A dispensing organization may not be established as a trust. A trust may not have an ownership interest in a registered dispensing organization. 

 

c)         If a dispensing organization parent company, holding company or any other entity exerts management or control over the dispensing organization, that entity is a dispensing organization principal officer, including the officers, board members and the individuals with an ownership interest in it that have more than a one percent ownership interest in the dispensing organization.

 

(Source:  Amended at 43 Ill. Reg. 6593, effective May 20, 2019)