Download as PDF
272A.17-040 Transition.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
This chapter does not limit, prohibit, or invalidate the existence, acts, or obligations
of any cooperative or association created or doing business in this Commonwealth
before, on, or after July 12, 2012.
A cooperative or association formed under KRS Chapter 272, until or unless it
becomes a limited cooperative association under this chapter, shall be governed by
KRS Chapter 272.
The enactment of this chapter shall not impair, or otherwise affect, the organization
or the continued existence of a cooperative association existing on July 12, 2012.
This chapter governs only:
(a) A limited cooperative association formed on or after July 12, 2012; and
(b) A cooperative or association with shares which elects, in the manner provided
in its articles of incorporation or by law for amending the articles of
incorporation, to be subject to this chapter.
A cooperative or association with shares formed under KRS Chapter 272 may elect
to become subject to this chapter by a consent sufficient to amend the articles of
incorporation. Thereafter the cooperative or association with shares shall file
amended and restated articles of association which comply with KRS 272A.3-010
and that further set forth:
(a) The name of the cooperative or association with shares as set forth in its
articles of incorporation;
(b) The date of filing of its articles of incorporation;
(c) An affirmative election by the cooperative or association with shares to be
subject to this chapter; and
(d) An affirmative statement that the election was approved as required by this
subsection.
A cooperative, association, limited liability company or corporation formed in a
jurisdiction other than the Commonwealth of Kentucky may elect to be subject to
this chapter by a consent sufficient to amend its articles of incorporation, articles of
association, or equivalent filing under the laws of its jurisdiction of formation.
Thereafter, the foreign entity shall file amended and restated articles of association
which comply with KRS 272A.3-010 and further set forth:
(a) The name of the foreign entity;
(b) The previous jurisdiction of organization;
(c) An affirmative election by the foreign entity to be subject to this chapter; and
(d) A statement that the election to be governed by this chapter is effective under
the law and agreements governing the foreign entity prior to becoming subject
to this chapter.
An election pursuant to subsection (5) or (6) of this section is effective upon the
effective time and date of the amended and restated articles of association as
provided in KRS 14A.2-070.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 123, effective July 12, 2012.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
