367.407 Exemptions -- Conditions.
Any organization which is not organized for the profit of any person or corporation may <br>file an application with the office of Attorney General to seek exemption from the <br>provisions of KRS 367.397 to 367.403. The Attorney General shall grant an exemption <br>to any applicant organization which: <br>(1) Is chartered or operated on a cooperative not-for-profit basis primarily for the
benefit of its members who are the ultimate consumers of such goods, services, or <br>facilities produced or furnished by the organization;
(2) Makes such goods, services or facilities available to its members on a not-for-profit
basis;
(3) Allocates or distributes its net savings to all its members or patrons or retains net
savings for the expansion of its services or for the reduction of charges to its <br>patrons; and
(4) Restricts its voting control to members on a one (1) vote per person basis.
Effective: July 15, 1982 <br>History: Created 1982 Ky. Acts ch. 21, sec. 8, effective July 15, 1982.
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