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272A.3-030 Bylaws.
(1)
(2)
(3)
Bylaws shall be in a record and, if not stated in the articles of association, shall
include:
(a) A statement of the capital structure of the limited cooperative association,
including:
1.
The classes or other types of members interests and relative
rights, preferences, and restrictions granted to or imposed upon
each class or other type of members interest; and
2.
The rights to share in profits or distributions of the association;
(b) A statement of the method for admission of members;
(c) A statement designating voting and other governance rights, including
which members have voting power and any restriction on voting power;
(d) A statement that a members interest is transferable if it is to be
transferable, and a statement of the conditions upon which it may be
transferred;
(e) A statement concerning the manner in which profits and losses are
allocated and distributions are made among patron members and, if
investor members are authorized, the manner in which profits and losses
are allocated and how distributions are made among investor members
and between patron members and investor members;
(f) A statement concerning:
1.
Whether persons that are not members but conduct business with
the association may be permitted to share in allocations of profits
and losses and receive distributions; and
2.
The manner in which profits and losses are allocated and
distributions are made with respect to those persons; and
(g) A statement of the number and terms of directors or the method by which
the number and terms are determined.
Subject to KRS 272A.1-110 and the articles of association, bylaws may contain
any other provision for managing and regulating the affairs of the association.
In addition to amendments permitted under Subchapter 4 of this chapter, the
initial board of directors may amend the bylaws by a majority vote of the
directors at any time before the admission of members.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 22, effective July 12, 2012.
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