2014 Kentucky Revised Statutes CHAPTER 272 - COOPERATIVE CORPORATIONS AND ASSOCIATIONS 272.241 Sale, lease or exchange of all assets -- Procedure -- Mortgage or pledge of assets.
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272.241 Sale, lease or exchange of all assets -- Procedure -- Mortgage or
pledge of assets.
(1)
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A sale, lease, or exchange of all, or substantially all of the property and assets
of an association may be made upon such terms and conditions and for such
consideration, which may consist in whole or in part of money or property, real
or personal, including shares of any association, or corporation, as may be
authorized in the following manner: The board shall adopt a resolution
recommending such sale, lease, or exchange and directing that it be submitted
to a vote at a meeting of the association members, which may be at either an
annual or a special meeting. Written or printed notice of the meeting shall be
given to each member of the association entitled to vote at such meeting. The
notice shall state that the proposed sale, lease, or exchange will be considered
and acted upon at the meeting, and a statement of the terms of the proposed
sale, lease, or exchange shall be included in or inclosed with such notice. Each
notice shall be mailed by first-class mail at a time that not less than ten (10) full
days shall elapse between the date of mailing the notice and the date of the
meeting, and shall be mailed to each member of the association at his last
known address as it appears on the records of the association. The proposed
sale, lease, or exchange shall be adopted by the affirmative vote of not less
than two-thirds (2/3) of the votes entitled to be cast by members present, in
person or by proxy (if permitted by the bylaws), and voting at any such
meeting.
A mortgage or pledge of, or any other security interest in, all or any part of the
property of an association may be made by authority of its board, unless
otherwise provided in its articles of incorporation or bylaws.
History: Created 1966 Ky. Acts ch. 208, sec. 27.
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