2009 Kentucky Revised Statutes CHAPTER 272 COOPERATIVE CORPORATIONS AND ASSOCIATIONS 272.241 Sale, lease or exchange of all assets -- Procedure -- Mortgage or pledge of assets.
272.241 Sale, lease or exchange of all assets -- Procedure -- Mortgage or pledge of
assets.
(1) 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 <br>consideration, which may consist in whole or in part of money or property, real or <br>personal, including shares of any association, or corporation, as may be authorized <br>in the following manner: The board shall adopt a resolution recommending such <br>sale, lease, or exchange and directing that it be submitted to a vote at a meeting of <br>the association members, which may be at either an annual or a special meeting. <br>Written or printed notice of the meeting shall be given to each member of the <br>association entitled to vote at such meeting. The notice shall state that the proposed <br>sale, lease, or exchange will be considered and acted upon at the meeting, and a <br>statement of the terms of the proposed sale, lease, or exchange shall be included in <br>or inclosed with such notice. Each notice shall be mailed by first-class mail at a <br>time that not less than ten (10) full days shall elapse between the date of mailing the <br>notice and the date of the meeting, and shall be mailed to each member of the <br>association at his last known address as it appears on the records of the association. <br>The proposed sale, lease, or exchange shall be adopted by the affirmative vote of <br>not less than two-thirds (2/3) of the votes entitled to be cast by members present, in <br>person or by proxy (if permitted by the bylaws), and voting at any such meeting.
(2) 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 <br>provided in its articles of incorporation or bylaws.
History: Created 1966 Ky. Acts ch. 208, sec. 27.
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