There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 3 Purposes and Powers
271B.3.040 Ultra vires.
Download pdfact. (2) A corporation's power to act may be challenged in a proceeding by: (a) A shareholder against the corporation to enjoin the act;
(b) The corporation, directly, derivatively, or through a receiver, trustee, or other legal representative, against an incumbent or former director, officer,
employee, or agent of the corporation; or (c) The Attorney General under KRS 271B.14-300.
(d) In a shareholder's proceeding under subsection (2)(a) of this section to enjoin an unauthorized corporate act, the court may enjoin or set aside the act, if
equitable and if all affected persons are parties to the proceeding, and may
award damages for loss (other than anticipated profits) suffered by the
corporation or another party because of enjoining the unauthorized act. Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 25, effective January 1, 1989.
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