2014 Kentucky Revised Statutes CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT Subchapter 5 - Members 5.5-040 Right of member to information.
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272A.5-040 Right of member to information.
(1)
(2)
(3)
(4)
(5)
(6)
Not later than ten (10) business days after receipt of a demand made in a
record, a limited cooperative association shall permit a member to obtain,
inspect, and copy in the associations principal office required information
listed in KRS 272A.1-120(1)(a) to (h) during regular business hours. A member
need not have any particular purpose for seeking the information. The
association is not required to provide the same information listed in KRS
272A.1-120(1)(b) to (h) to the same member more than once during a six (6)
month period.
On demand made in a record received by the limited cooperative association,
a member may obtain, inspect, and copy in the associations principal office
required information listed in KRS 272A.1-120(1)(i), (j), (l), (m), (p), and (r)
during regular business hours, if:
(a) The member seeks the information in good faith and for a proper purpose
reasonably related to the members interest;
(b) The demand includes a description with reasonable particularity of the
information sought and the purpose for seeking the information;
(c) The information sought is directly connected to the members purpose;
and
(d) The demand is reasonable.
Not later than ten (10) business days after receipt of a demand pursuant to
subsection (2) of this section, a limited cooperative association shall provide, in
a record, the following information to the member that made the demand:
(a) If the association agrees to provide the demanded information:
1.
What information the association will provide in response to the
demand; and
2.
A reasonable time and place at which the association will provide
the information; or
(b) If the association declines to provide some or all of the demanded
information, the associations reasons for declining.
A person dissociated as a member may obtain, inspect, and copy information
available to a member under subsection (1) or (2) of this section by delivering a
demand in a record to the limited cooperative association in the same manner
and subject to the same conditions applicable to a member under subsection
(2) of this section if:
(a) The information pertains to the period during which the person was a
member in the association; and
(b) The person seeks the information in good faith.
A limited cooperative association shall respond to a demand made pursuant to
subsection (4) of this section in the manner provided in subsection (3) of this
section.
Not later than ten (10) business days after receipt by a limited cooperative
association of a demand made by a member in a record, but not more often
than once in a six (6) month period, the association shall deliver to the member
a record stating the information with respect to the member required by KRS
272A.1-120(1)(q).
(7) A limited cooperative association may impose reasonable restrictions,
including nondisclosure restrictions, on the use of information obtained under
this section. Except as to limitations set forth in organic rules to which a
member requesting inspection has assented, in a dispute concerning the
reasonableness of a restriction under this subsection, the association has the
burden of proving reasonableness.
(8) A limited cooperative association may charge a person that makes a demand
under this section the reasonable costs of copying, limited to the costs of labor
and material.
(9) A person that may obtain information under this section may obtain the
information through an attorney or other agent. A restriction imposed on the
person under subsection (7) of this section or by the organic rules applies to
the attorney or other agent.
(10) The rights stated in this section do not extend to a person as transferee.
(11) The organic rules may require a limited cooperative association to provide
more information than required by this section, and the organic rules may
establish conditions and procedures for providing the information.
Effective:July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 33, effective July 12, 2012.
Legislative Research Commission Note (7/12/2012). The reference to "paragraph
(q) of subsection (1)(a) of Section 12" in subsection (6) of 2012 Ky. Acts ch. 160,
sec. 33, has been changed in codification to "KRS 272A.1-120(1)(q)." This
manifest clerical or typographical error has been corrected by the Reviser of
Statutes under the authority of KRS 7.136(1).
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