Illinois Compiled Statutes 505 ILCS 130/3 – For the purpose of this Act, unless the context clearly requires …
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For the purpose of this Act, unless the context clearly requires otherwise:
(a) “Soybean” means and includes all kinds and varieties of soybeans grown in this State and marketed and sold as soybeans by the producer.
(b) “Person” means any natural person, partnership, corporation, society, association, representative or other fiduciary.
(c) “Producer” means any person engaged in this State in the business of producing and marketing soybeans, unless otherwise defined in marketing program.
(d) “First purchaser” means any person who resells soybeans purchased from a producer or offers for sale any product produced from such soybeans for any purpose.
(e) “Market Development” means to engage in research and educational programs directed toward better and more efficient utilization of soybeans; to provide methods and means for the maintenance of present markets; for the development of new and larger domestic and foreign markets.
(f) “Marketing program” means any program established under this Act which prescribes procedures for the development of markets for soybeans and soybean products.
(g) “Program operating board” means the board established by any marketing program to administer such programs.
(h) “Director” means the Director of the Department of Agriculture of the State of Illinois.
(i) “Department” means the Department of Agriculture of the State of Illinois.
(j) “Bushel” means 60 pounds of soybeans by weight.
(k) “Net market price” means:
(1) except as provided in item (2), the sales price
(a) “Soybean” means and includes all kinds and varieties of soybeans grown in this State and marketed and sold as soybeans by the producer.
Terms Used In Illinois Compiled Statutes 505 ILCS 130/3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
(b) “Person” means any natural person, partnership, corporation, society, association, representative or other fiduciary.
(c) “Producer” means any person engaged in this State in the business of producing and marketing soybeans, unless otherwise defined in marketing program.
(d) “First purchaser” means any person who resells soybeans purchased from a producer or offers for sale any product produced from such soybeans for any purpose.
(e) “Market Development” means to engage in research and educational programs directed toward better and more efficient utilization of soybeans; to provide methods and means for the maintenance of present markets; for the development of new and larger domestic and foreign markets.
(f) “Marketing program” means any program established under this Act which prescribes procedures for the development of markets for soybeans and soybean products.
(g) “Program operating board” means the board established by any marketing program to administer such programs.
(h) “Director” means the Director of the Department of Agriculture of the State of Illinois.
(i) “Department” means the Department of Agriculture of the State of Illinois.
(j) “Bushel” means 60 pounds of soybeans by weight.
(k) “Net market price” means:
(1) except as provided in item (2), the sales price
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or other value received by a producer for soybeans after adjustments for any premium or discount based on grading or quality factors; or
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(2) for soybeans pledged as collateral for a loan
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issued under any price support loan program administered by the Commodity Credit Corporation, the principal amount of the loan.
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