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279.370 Bylaws -- Adoption and contents.
(1)
(2)
The incorporators of each corporation organized under KRS 279.310 to
279.600 shall adopt for its management bylaws not inconsistent with the
powers granted by KRS 279.310 to 279.600. The written consent of a majority
of the incorporators, evidenced by their signatures to the bylaws adopted, shall
be necessary to the adoption of bylaws. The bylaws may be amended by a
majority vote of the board of trustees.
The bylaws may provide for any or all of the following matters:
(a) The time, place and manner of calling and conducting meetings of the
members.
(b) The number of members constituting a quorum.
(c) The right of members to vote by mail, and the conditions, manner, form
and effect of such votes.
(d) The number of trustees constituting a quorum.
(e) The qualifications, compensation, powers, duties and terms of office of
trustees and officers, the time of their election and the manner of giving
notice thereof.
(f) An executive committee and the allotment to that committee of any or all
of the functions and powers of the board of trustees, subject to the
general direction and control of the board.
(g) The amount of entrance, organization and membership fees, if any, the
manner of collecting them and the purposes for which they may be used.
(h) The qualifications of members of the corporation and the conditions
precedent to membership; the time and manner of permitting members to
withdraw; the manner of assignment or transfer of the interest of a
member; the conditions upon which and the time when membership of
any member shall cease; the suspension of the rights of a member when
he ceases to be eligible to membership in the corporation; the manner
and effect of the expulsion of a member; the manner of determining the
value of a member's interest and provision for its purchase by the
corporation upon the death or withdrawal of a member or upon his
expulsion or forfeiture of membership, or, at the option of the corporation,
the purchase of the member's interest at a price fixed by appraisal by the
board. The bylaws may provide that in case of the forced withdrawal or
expulsion of a member the board shall equitably appraise his property
interest in the corporation and shall at its option fix the amount thereof in
money or other property, which shall be paid to him within one (1) year
after his expulsion or withdrawal.
(i) Penalties for violation of the bylaws.
(j) Any other matter relating to the operation or management of the
corporation and not inconsistent with law or with the articles of
incorporation.
Effective:March 25, 1950
History: Created 1950 Ky. Acts ch. 147, sec. 7, effective March 25, 1950.
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