What is the definition of an electric cooperative?

The Illinois Compiled Statutes ( 220 ILCS 30/3.4) provide the following definition for an electric cooperative:

"Electric Cooperative" means (a) any not for profit corporation or other person that owns, controls, operates or manages, directly or indirectly, within this State, any plant, equipment or property for the production, transmission, sale, delivery or furnishing of electricity and (b) that either is or has been financed in whole or in part under the federal "Rural Electrification Act of 1936" and the Acts amendatory thereof and supplementary thereto, or is directly or indirectly caused to be formed by any one or more such not for profit corporations or other persons that is or has been so financed.

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