155.110 Powers of members and stockholders -- Voting.
(1)
(2)
(3)
The stockholders and members of the corporation shall have the following powers
of the corporation:
(a) To determine the number of and elect directors as provided in KRS 155.130;
(b) To make, amend and repeal bylaws;
(c) To amend its articles of incorporation as provided in KRS 155.120;
(d) To exercise such other of the powers of the corporation as may be conferred
on the stockholders and the members by the bylaws.
As to all matters requiring action by the stockholders and the members of the
corporation, said stockholders and said members shall vote separately thereon by
classes, and, except as otherwise herein provided, such matters shall require the
affirmative vote of a majority of the votes to which the stockholders present or
represented at the meeting are entitled, and the affirmative vote of a majority of the
votes to which the members present or represented at the meeting are entitled.
Each stockholder shall have one (1) vote, in person or by proxy, for each share of
capital stock held by him, and each member shall have one (1) vote, in person or by
proxy, except that any member having a loan limit of more than one thousand
dollars (,000) shall have one (1) additional vote, in person or by proxy, for each
additional one thousand dollars (,000) which such member is authorized to have
outstanding on loans to the corporation at any one (1) time as determined under
paragraph (c) of subsection (2) of KRS 155.080.
Effective: March 21, 1960
History: Created 1960 Ky. Acts ch. 73, sec. 11, effective March 21, 1960.
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