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272.390 Articles of incorporation -- What to set forth.
Each association formed under KRS 272.360 to 272.510 must prepare and file
articles of incorporation, setting forth:
(1) The name of the association that satisfies KRS 14A.3-010;
(2) The place where its principal business will be transacted;
(3) The term for which it is to exist; the number of directors thereof which must not
be less than five (5) and may be any number in excess thereof; the term of
office of such directors; and the names and addresses of those who are to
serve as incorporating directors for the first term, or until election and
qualification of their successors; and
(4) The property rights of the members and whether the interest of each member
will be equal or unequal; and if unequal, the rule or rules applicable to all
members by which the property rights and interests, respectively, of each
member shall be determined and fixed; and provision for the admission of new
members who shall be entitled to share in the property of the association with
the old members, in accordance with such general rule or rules.
Effective:January 1, 2011
History: Repealed and reenacted 2010 Ky. Acts ch. 51, sec. 78, effective July 15,
2010; and repealed, reenacted, and amended ch. 151, sec. 59, effective
January 1, 2011. -- Amended 2007 Ky. Acts ch. 137, sec. 78, effective June 26,
2007. -- Created 1942 Ky. Acts ch. 88, sec. 5.
Legislative Research Commission Note (1/1/2011). This section was repealed,
reenacted, and amended by 2010 Ky. Acts ch. 151, and repealed and reenacted
by 2010 Ky. Acts ch. 51. Pursuant to Section 184 of Acts ch. 51, it was the intent
of the General Assembly that the repeal and reenactment not serve to void the
amendment, and these Acts do not appear to be in conflict, therefore, they have
been codified together.
Legislative Research Commission Note (7/15/2010). 2010 Ky. Acts ch. 51,
sec. 183, provides, "The specific textual provisions of Sections 1 to 178 of this
Act which reflect amendments made to those sections by 2007 Ky. Acts ch. 137
shall be deemed effective as of June 26, 2007, and those provisions are hereby
made expressly retroactive to that date, with the remainder of the text of those
sections being unaffected by the provisions of this section."
Legislative Research Commission Note (6/26/2007). The numbering of
subsections in this section has been altered by the Reviser of Statutes from the
numbering in 2007 Ky. Acts ch. 137, sec. 78, under the authority of KRS 7.136.
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