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272A.12-030 Judicial dissolution.
(1)
(2)
(3)
The appropriate court may dissolve a limited cooperative association or order
any action that under the circumstances is appropriate and equitable:
(a) In a proceeding initiated by the Attorney General, if:
1.
The association obtained its articles of association through fraud; or
2.
The association has continued to exceed or abuse the authority
conferred upon it by law; or
(b) In a proceeding initiated by a member if:
1.
The directors are deadlocked in the management of the
associations affairs, the members are unable to break the
deadlock, and irreparable injury to the association is occurring or is
threatened because of the deadlock;
2.
The directors or those in control of the association have acted, are
acting, or will act in a manner that is illegal, oppressive, or
fraudulent;
3.
The members are deadlocked in voting power and have failed to
elect successors to directors whose terms have expired for two (2)
consecutive periods during which annual members meetings were
held or were to be held; or
4.
The assets of the association are being misapplied or wasted.
The clerk of the court shall deliver a certified copy of the decree of dissolution
to the Secretary of State, who shall file it. The dissolution shall be effective
upon the latter of the date specified by the court or the filing of the decree of
dissolution by the Secretary of State.
After entering the decree of dissolution, the appropriate court shall direct the
winding up and liquidation of the business and affairs of the limited cooperative
association and the notification of claimants in accordance with this chapter.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 90, effective July 12, 2012.
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