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272.420 Bylaws.
Each association incorporated under KRS 272.360 to 272.510 must, within thirty
(30) days after its incorporation, adopt for its government and management a code
of bylaws, not inconsistent with the powers granted by KRS 272.360 to 272.510.
Such bylaws shall be adopted by a majority of the board of directors. Each
association, under its bylaws, may provide for any or all of the following matters:
(1) The time, place, and manner of calling and conducting its meetings.
(2) The number of members constituting a quorum.
(3) The right of members to vote by proxy or by mail or both; and the conditions,
manner, form, and effect of such votes.
(4) The number of directors constituting a quorum.
(5) The qualifications, compensation, and duties and term of office of directors and
officers, the time of their election and the mode and manner of giving notice
thereof.
(6) Penalties for violations of the bylaws.
(7) The amount of entrance, organization, and membership fees, if any; the
manner and method of collection of the same; and the purposes for which they
may be used.
(8) The amount which each member shall be required to pay annually or from time
to time, if at all, to carry on the business of the association; the charge, if any,
to be paid by each member or stockholder for services rendered by the
association to him and the time of payment and the manner of collection.
(9) The method of appraisal of livestock and the manner of payment of indemnities
for same.
(10) The number and qualification of members of the association and the conditions
precedent to membership; the method, time, and manner of permitting
members to withdraw; the manner of assignment and transfer of the interest of
members; the conditions upon which and time when membership of any
member shall cease; the automatic suspension of the rights of a member when
he ceases to be eligible to membership in the association; and the mode,
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
association upon the death or withdrawal of a member, or upon the expulsion
of a member or forfeiture of his membership, or, at the option of the
association, the purchase at a price fixed by conclusive appraisal by the board
of directors, in which case the board of directors shall equitably and
conclusively appraise his property interests in the association and shall fix the
amount thereof in money, which shall be paid to him within one (1) year after
such expulsion or withdrawal.
History: Created 1942 Ky. Acts ch. 88, sec. 8.
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