There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 6 Shares and Distributions
271B.6.230 Share dividends.
Download pdfone (1) or more classes or series. An issuance of shares under this subsection shall
be considered a share dividend. (2) Shares of one (1) class or series may not be issued as a share dividend in respect of shares of another class or series unless:
(a) The articles of incorporation so authorize;
(b) A majority of the votes entitled to be cast by the class or series to be issued approve the issue; or (c) There are no outstanding shares of the class or series to be issued. (3) If the board of directors does not fix the record date for determining shareholders entitled to a share dividend, it shall be the date the board of directors authorizes the
share dividend. Effective: November 15, 2002
History: Amended 2002 Ky. Acts ch. 102, sec. 11, effective November 15, 2002. -- Created 1988 Ky. Acts ch. 23, sec. 40, effective January 1, 1989. Legislative Research Commission Note (6/26/2007). 2007 Ky. Acts ch. 137, sec. 179, effective June 26, 2007 provided: The General Assembly finds and declares that the
amendment of KRS 271B.6-210, 271B.6-230, 271B.7-040, 271B.7-280, and 271B.8-
080, as provided for in 2002 Ky. Acts ch. 102, secs. 10, 11, 15, 18, and 19,
respectively, are and were effective as of November 15, 2002. Legislative Research Commission Note (11/15/02). 2002 Ky. Acts ch. 102, sec. 22, provides that this section "shall take effect November 15, 2002, if a constitutional
amendment proposing to amend Sections 190, 191, 192, 193, 194, 195, 198, 200,
202, 203, 205, 207, and 208 of the Constitution of Kentucky relating to corporations
is enacted by the General Assembly and approved by the voters in the November,
2002 general elections. Otherwise, [this section] shall be void." A constitutional amendment proposing to amend 11 of those 13 sections of the Constitution was enacted by the General Assembly and approved by the voters.
During the 2002 Regular Session, the General Assembly enacted 2002 Ky. Acts ch.
341, which proposed to amend Sections 190, 191, 192, 193, 194, 198, 200, 202, 203,
207, and 208 of the Constitution of Kentucky. The voters approved that amendment
in the November, 2002 general elections.
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