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272A.10-030 Contribution agreements.
(1)
(2)
Except as otherwise provided in the agreement, the following rules apply to an
agreement made by a person before formation of a limited cooperative association
to make a contribution to the association:
(a) The agreement is irrevocable for six (6) months after the agreement is signed
by the person unless all parties to the agreement consent to the revocation; and
(b) If a person does not make a required contribution:
1.
The person is obligated, at the option of the association, once formed, to
contribute money equal to the value of that part of the contribution that
has not been made, and the obligation may be enforced as a debt to the
association; or
2.
The association, once formed, may rescind the agreement if the debt
remains unpaid more than twenty (20) days after the association
demands payment from the person, and upon rescission the person has
no further rights or obligations with respect to the association.
With respect to any agreement to make a contribution to a limited cooperative
association made at the time of or subsequent to its formation, unless the organic
rules or an agreement to make a contribution to a limited cooperative association
otherwise provide, if a person does not make a required contribution to an
association, the person or the person's estate is obligated, at the option of the
association, to contribute money equal to the value of the part of the contribution
which has not been made.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 79, effective July 12, 2012.
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