2012 Kentucky Revised Statutes CHAPTER 279 RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS 279.090 Requirements for membership in corporation -- Rights and liabilities of members.
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279.090 Requirements for membership in corporation -- Rights and liabilities of
members.
(1)
(2)
(3)
(4)
(5)
(6)
No person may become or remain a member of any corporation formed under this
chapter with capital stock except a farmer, a person engaged in the production of
agricultural products or livestock, a cooperative association as defined in the Farm
Credit Act, or a corporation organized under this chapter.
No person other than the original incorporators may become or remain a member of
any corporation formed under this chapter without capital stock unless, in addition
to complying with all membership requirements in the articles of incorporation and
bylaws of the corporation, such person uses electric energy supplied by the
corporation or by a corporation that is a member of the corporation in question, or
such person is a corporation formed under this chapter or is a corporation furnishing
electric energy or is a cooperative association as defined in the Farm Credit Act.
Any corporation formed under this chapter without capital stock may provide in its
articles of incorporation that, in addition to the requirements for membership set
forth in subsection (2) of this section, no person other than the original
incorporators may become or remain a member unless that person is a farmer or is a
cooperative association within the meaning of the Farm Credit Act, or that a stated
percentage of its members must be and remain farmers or cooperative associations
within the meaning of the Farm Credit Act.
Any corporation formed under this chapter may become a member of any other
corporation formed under this chapter and may fully avail itself of the facilities and
services of that corporation.
Each member of a corporation organized under this chapter with or without capital
stock shall have only one (1) vote, and memberships shall not be transferable.
Neither the incorporators nor any member of any corporation formed under this
chapter shall be personally responsible for any debt, obligation or liability of the
corporation, except for promissory notes given for the purchase of common stock in
the corporation or except as the incorporator or member may become personally
liable by reason of his or her own acts or conduct.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 47, effective July 15, 2010. -- Amended
1974 Ky. Acts ch. 38, sec. 7, effective June 21, 1974. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 883l-4, 883j-8, 883j15, 883j-16.
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