2006 Kentucky Revised Statutes - .070   Emergency bylaws.

271B.2-070 Emergency bylaws. (1) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subsection (4) of this section. The emergency bylaws, which are subject to amendment or repeal by the shareholders, may make all provisions necessary for managing the corporation during the emergency, including: (a)  Procedures for calling a meeting of the directors; (b)  Quorum requirements for the meeting; and (c)  Designation of additional or substitute directors. (2) All provisions of the regular bylaws consistent with the emergency bylaws shall remain effective during the emergency. The emergency bylaws shall not be effective after the emergency ends. (3) Corporate action taken in good faith in accordance with the emergency bylaws: (a)  Shall bind the corporation; and (b)  Shall not be used to impose liability on a corporate director, officer, employee, or agent. (4) An emergency shall exist for purposes of this section if a quorum of the corporation's directors cannot readily be assembled because of some catastrophic event. Effective: January 1, 1989 History: Created 1988 Ky. Acts ch. 23, sec. 21, effective January 1, 1989.