There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 273 RELIGIOUS, CHARITABLE, AND EDUCATIONAL SOCIETIES -- NONSTOCK, NONPROFIT CORPORATIONS
273.307 Plan of distribution.
Download pdfKRS 273.161 to 273.390, may be adopted by a corporation in the process of dissolution
and shall be adopted by a corporation for the purpose of authorizing any transfer or
conveyance of assets for which KRS 273.161 to 273.390 requires a plan of distribution,
in the following manner:
(1) If there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a plan of distribution and directing the submission thereof
to a vote at a meeting of members entitled to vote thereon, which may be either an
annual or a special meeting. Written notice setting forth the proposed plan of
distribution or a summary thereof shall be given to each member entitled to vote at
such meeting, within the time and in the manner provided in KRS 273.161 to
273.390 for the giving of notice of meetings of members. Such plan of distribution
shall be adopted upon receiving at least two-thirds (2/3) of the votes which
members present at such meeting or represented by proxy are entitled to cast. (2) If there are no members, or no members entitled to vote thereon, a plan of distribution shall be adopted at a meeting of the board of directors upon receiving a
vote of a majority of the directors in office. History: Created 1968 Ky. Acts ch. 165, sec. 46.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.