There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 279 RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS
279.095 Nonprofit operation.
Download pdfof its members and patrons. The bylaws of a cooperative or its contracts with members
and patrons shall contain such provisions relative to the disposition of revenue and
receipts as may be necessary and appropriate to establish and maintain its nonprofit and
cooperative character. In the case of a cooperative authorized to issue shares of stock,
such bylaws or contracts shall provide that no moneys shall be paid or credits given on
the basis of patronage except after the declaration or payment of dividends on the
outstanding shares of stock in accordance with the articles of incorporation of the
cooperative, and such bylaws or contracts shall otherwise be consistent with the
cooperative's obligations in respect of such shares of stock. Effective: June 16, 1972
History: Created 1972 Ky. Acts ch. 11, sec. 2, effective June 16, 1972.
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