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271B.17-050 Acceleration and applicability of effective date.
(1)
(2)
(3)
On January 1, 1989, and thereafter, this chapter shall apply to all domestic
corporations in existence on the effective date that were incorporated under the
present statutes or any prior law and those incorporated on or after January 1,
1989, to the extent provided in KRS 271B.17-010.
Before January 1, 1989, the provisions of this chapter shall not apply to any
domestic corporation except in accordance with the following:
(a) The corporation's board of directors may adopt a resolution electing to
have the provisions of this chapter (except for KRS 271B.1-220,
271B.2-010, 271B.2-030 to 271B.2-070, 271B.3-010 and 271B.16-220)
apply to the corporation.
(b) The resolution shall specify a date (after July 15, 1988, and before
January 1, 1989) on and after which the provisions will apply to the
corporation.
(c) The resolution shall be filed in the office of the Secretary of State before
the date specified in subsection (2)(b) of this section.
The provisions of this chapter (except for KRS 271B.1-220, 271B.2-010,
271B.2-030 to 271B.2-070, 271B.3-010 and 271B.16-220) apply to each
domestic corporation that complies with all the conditions prescribed in
subsection (2) of this section. In addition, such a corporation shall continue to
comply with the requirements of KRS 271A.396, 271A.397, 271A.398,
271A.399, 271A.615, 271A.620, 271A.625, 271A.630, and 271A.635 until
January 1, 1989, but it is not subject to the provisions of KRS 271A.010 to
271A.395; KRS 271A.400 to 271A.610; and KRS 271A.640 to 271A.675.
Effective:January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 194, effective January 1, 1989.
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