2013 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, 883j-15, 883j-16.
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