There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 272 COOPERATIVE CORPORATIONS AND ASSOCIATIONS
272.440 Board of directors.
Download pdfthat the territory in which the association has members shall be divided into districts
and that the directors shall be elected according to such districts, either directly or
by district delegates elected by the members in that district. In such a case the
bylaws shall specify the number of directors to be elected by each district, the
manner and method of reapportioning the directors and of redistricting the territory
covered by the association. The bylaws may provide that primary elections shall be
held in each district to elect the directors apportioned to such districts and that the
result of all such primary elections may be ratified by the next regular meeting of
the association or may be considered final as to the association. The bylaws may
provide that one or more directors may be appointed by any public official or
commission or by the other directors selected by the members or their delegates.
Such directors shall represent primarily the interest of the general public in such
associations. The director or directors so appointed need not be members of the
association, but shall have the same powers and rights as other directors. Such
directors shall not number more than one-fifth (1/5) of the entire number of
directors. (2) An association may provide a fair remuneration for the time actually spent by its officers and directors in its service and for the service of the members of its
executive committee. No director, during the term of his office, shall be a party to a
contract for profit with the association differing in any way from the business
relations accorded regular members of the association or others, or differing from
terms generally current in that district. (3) The bylaws may provide for an executive committee and may allot to such committee all the functions and powers of the board of directors, subject to the
general direction and control of the board. (4) When a vacancy on the board of directors occurs other than by expiration of term, the remaining members of the board, by a majority vote, shall fill the vacancy,
unless the bylaws provide for an election of directors by district. In such a case the
board of directors shall immediately call a special meeting of the members in that
district to fill the vacancy. History: Created 1942 Ky. Acts ch. 88, sec. 10.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.