2013 Kentucky Revised Statutes CHAPTER 279 - RURAL ELECTRIC AND RURAL TELEPHONE COOPERATIVE CORPORATIONS 279.390 Members and shareholders -- Requirements for membership.
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279.390 Members and shareholders -- Requirements for membership.
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Each incorporator of a cooperative shall be a member thereof but no other
person may become a member thereof unless such other person agrees to use
telephone service furnished by the cooperative when it is made available
through its facilities. Membership in a cooperative shall be evidenced by a
certificate of membership which shall not be transferable, except as provided in
the bylaws. The bylaws may prescribe additional qualifications and limitations
in respect of membership, provided that ownership of shares of stock, if any
are authorized, shall not be a condition of membership in the cooperative.
In case the issuance of shares of stock is provided for in the articles of
incorporation, ownership thereof shall be evidenced by share certificates. No
share of stock shall be issued except for cash, or for property at its fair value, in
an amount equal to the par value of such share of stock.
Membership and share certificates shall contain such provisions, consistent
with KRS 279.310 to 279.600 and the articles of incorporation of the
cooperative, as shall be prescribed by its bylaws.
No member or shareholder shall be liable or responsible for any debts of the
cooperative and the property of the members and shareholders shall not be
subject to execution therefor except as the member or shareholder 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. 48, effective July 15, 2010. -Created 1950 Ky. Acts ch. 147, sec. 9, effective March 25, 1950.
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