2015 Kentucky Revised Statutes CHAPTER 279 - RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS 279.030 Articles of incorporation -- What to contain.
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279.030 Articles of incorporation -- What to contain.
(1)
(2)
The articles of incorporation shall set forth:
(a) The name of the corporation that satisfies the requirements of KRS 14A.3010;
(b) The purpose for which it is formed;
(c) The place, including the county, where its principal office will be located;
(d) A reasonable description of the territory in which its operations are to be
conducted;
(e) The number of directors;
(f) The names and post office addresses of the directors who are to manage the
affairs of the corporation for the first year of its existence, or until the first
meeting called to elect directors, or until the successors of the first directors
are elected and have qualified;
(g) The period limited for the duration of the corporation, or that the corporation
is to be perpetual;
(h) If the corporation is organized without capital stock, the terms upon which
members may be admitted and the terms upon which their membership shall
terminate;
(i) If the corporation is organized with capital stock, the amount of the stock, the
number of shares into which it is divided and the par value; and
(j) If the capital stock is divided into common and preferred stock, as it may be,
the number of shares to which preference is granted and the number of shares
to which no preference is granted, and the nature and definite extent of the
preference and privileges granted to each.
The articles of incorporation may contain any other lawful provision that the
incorporators choose to insert for the purpose of regulating the business and affairs
of the corporation, for the purpose of creating, defining, limiting or regulating the
rights, powers and duties of the corporation and its board of directors and members,
and the exercise of any such powers, or for the purpose of creating or defining the
rights and privileges of the members of the corporation among themselves,
including separation of members into classes or districts and providing for
representation of each class or district on the board of directors.
Effective: January 1, 2011
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 132, effective July 15,
2010; and amended ch. 151, sec. 80, effective January 1, 2011. -- Amended 2007 Ky.
Acts ch. 137, sec. 132, effective June 26, 2007. -- Amended 1974 Ky. Acts ch. 38,
sec. 2, effective June 21, 1974. -- Amended 1972 Ky. Acts ch. 11, sec. 1, effective
June 16, 1972. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 883j-4.
Legislative Research Commission Note (1/1/2011). This section was amended by 2010
Ky. Acts ch. 151, and repealed and reenacted by 2010 Ky. Acts ch. 51. Pursuant to
Section 184 of Acts ch. 51, it was the intent of the General Assembly that the repeal
and reenactment not serve to void the amendment, and these Acts do not appear to be
in conflict, therefore, they have been codified together.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51, sec. 183,
provides, "The specific textual provisions of Sections 1 to 178 of this Act which
reflect amendments made to those sections by 2007 Ky. Acts ch. 137 shall be deemed
effective as of June 26, 2007, and those provisions are hereby made expressly
retroactive to that date, with the remainder of the text of those sections being
unaffected by the provisions of this section."
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