2014 Kentucky Revised Statutes CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT Subchapter 12 - Dissolution of a Limited Cooperative Association 12.12-050 Voluntary dissolution by board of directors and members.
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272A.12-050 Voluntary dissolution by board of directors and members.
(1)
(2)
(3)
Except as otherwise provided in KRS 272A.12-040, for a limited cooperative
association to voluntarily dissolve:
(a) A resolution to dissolve shall be approved by a majority vote of the board
of directors unless a greater percentage is required by the organic rules;
(b) The board of directors shall call a members meeting to consider the
resolution, to be held not later than ninety (90) days after adoption of the
resolution; and
(c) The board of directors shall mail or otherwise transmit or deliver to each
member in a record that complies with KRS 272A.5-070:
1.
The resolution required by paragraph (a) of this subsection;
2.
A recommendation that the members vote in favor of the resolution
or, if the board determines that because of conflict of interest or
other special circumstances it should not make a favorable
recommendation, the basis of that determination; and
3.
Notice of the members meeting, which shall be given in the same
manner as notice of a special meeting of members.
Subject to subsection (3) of this section, a resolution to dissolve shall be
approved by:
(a) At least two-thirds (2/3) of the voting power of members present at a
members meeting called under subsection (1)(b) of this section; and
(b) If the limited cooperative association has investor members, at least a
majority of the votes cast by patron members, unless the organic rules
require a greater percentage.
The organic rules may require that the percentage of votes under subsection
(2)(b) of this section is:
(a) A different percentage that is not less than a majority of members voting
at the meeting; or
(b) Measured against the voting power of all members; or
(c) A combination of paragraphs (a) and (b) of this subsection.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 92, effective July 12, 2012.
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