Download as PDF
272A.1-020 Definitions.
As used in this chapter:
(1) "Appropriate court" means the Circuit Court for the county of the
Commonwealth in which the limited cooperative association's principal office is
located or, if none, the county in which the registered office is or was last
located;
(2) "Articles of association" means the articles of association of a limited
cooperative association required by KRS 272A.3-010. The term includes the
articles as amended or restated;
(3) "Board of directors" means the board of directors of a limited cooperative
association;
(4) "Bylaws" means the bylaws of a limited cooperative association. The term
includes the bylaws as amended or restated;
(5) "Certificate of authority" means a certificate issued by the Secretary of State
pursuant to KRS 14A.2-140;
(6) "Contribution," except as used in KRS 272A.10-080(3), means a benefit that a
person provides to a limited cooperative association to become or remain a
member or in the persons capacity as a member;
(7) "Cooperative" means a limited cooperative association or an entity organized
under any cooperative law of any jurisdiction;
(8) "Director" means a director of a limited cooperative association;
(9) "Distribution," except as used in KRS 272A.10-070(5), means a transfer of
money or other property from a limited cooperative association to a member
because of the members financial rights or to a transferee of a members
financial rights;
(10) "Entity" means an entity or a foreign entity, both as defined in KRS 14A.1-070;
(11) "Financial rights" means the right to participate in allocations and distributions
as provided in Subchapters 10 and 12 of this chapter, but does not include
rights or obligations under a marketing contract governed by Subchapter 7 of
this chapter;
(12) "Foreign cooperative" means an entity organized in a jurisdiction other than
this Commonwealth under a law similar to this chapter;
(13) "Governance rights" means the right to participate in governance of a limited
cooperative association;
(14) "Investor member" means a member that has made a contribution to a limited
cooperative association and:
(a) Is not required by the organic rules to conduct patronage with the
association in the members capacity as an investor member in order to
receive the members interest; or
(b) Is not permitted by the organic rules to conduct patronage with the
association in the members capacity as an investor member in order to
receive the members interest;
(15) "Limited cooperative association" means an association organized under this
chapter;
(16) "Member" means a person that is admitted as a patron member or investor
member, or both, in a limited cooperative association. The term does not
include a person that has dissociated as a member;
(17) "Members interest" means the interest of a patron member or investor
member under KRS 272A.6-010;
(18) "Members meeting" means an annual members meeting or special meeting of
members;
(19) "Organic law" means the statute providing for the creation of an entity or
principally governing its internal affairs;
(20) "Organic rules" means the articles of association and bylaws of a limited
cooperative association;
(21) "Organizer" means an individual who signs the initial articles of association;
(22) "Patron member" means a member that has made a contribution to a limited
cooperative association and:
(a) Is required by the organic rules to conduct patronage with the association
in the members capacity as a patron member in order to receive the
members interest; or
(b) Is permitted by the organic rules to conduct patronage with the
association in the members capacity as a patron member in order to
receive the members interest;
(23) "Patronage" means business transactions between a limited cooperative
association and a person which entitle the person to receive financial rights
based on the value or quantity of business done between the association and
the person;
(24) "Person" means an individual, entity, public corporation, government or
governmental subdivision, agency, or instrumentality, or any other legal or
commercial entity;
(25) "Principal office" means the principal executive office of a limited cooperative
association or foreign cooperative, whether or not in this state;
(26) "Record," used as a noun, means information that is inscribed on a tangible
medium or that is stored in an electronic or other medium and is retrievable in
perceivable form;
(27) "Required information" means the information a limited cooperative association
is required to maintain under KRS 272A.1-120;
(28) "Secretary" means the officer designated pursuant to KRS 272A.8-210(2);
(29) "Sign" means, with present intent to authenticate or adopt a record:
(a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic symbol,
sound, or process;
(30) "State" means a state of the United States, the District of Columbia, Puerto
Rico, the United States Virgin Islands, or any territory or insular possession
subject to the jurisdiction of the United States;
(31) "Transfer" includes an assignment, conveyance, deed, bill of sale, lease,
mortgage, security interest, encumbrance, gift, and transfer by operation of
law;
(32) "Voting group" means any combination of one (1) or more voting members in
one (1) or more districts or classes that under the organic rules or under this
chapter are entitled to vote and can be counted together collectively on a
matter at a members meeting;
(33) "Voting member" means a member that, under the organic law or organic
rules, has a right to vote on matters subject to vote by members under the
organic law or organic rules; and
(34) "Voting power" means the total current power of members to vote on a
particular matter for which a vote may or is to be taken.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 2, effective July 12, 2012.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.