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272A.3-020 Organization of limited cooperative association.
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After a limited cooperative association is formed:
(a) If initial directors are named in the articles of association, the initial directors
shall hold an organizational meeting to adopt initial bylaws and carry on any
other business necessary or proper to complete the organization of the
association; or
(b) If initial directors are not named in the articles of association, the organizers
shall designate the initial directors and call a meeting of the initial directors to
adopt initial bylaws and carry on any other business necessary or proper to
complete the organization of the association.
Before the beginning of the initial meeting of the board of directors, an organizer
who knows that information in the filed articles of association was inaccurate when
the articles were filed or has become inaccurate due to changed circumstances shall
promptly:
(a) Cause the articles to be corrected as provided in KRS 14A.2-090; or
(b) Deliver an amendment to the Secretary of State for filing pursuant to KRS
272A.4-070.
Unless the articles of association otherwise provide, the initial directors may cause
the limited cooperative association to accept members, including those necessary
for the association to begin business.
Initial directors need not be members.
An initial director serves until a successor is elected and qualified at a members
meeting or the director is removed, resigns, is adjudged incompetent, or dies.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 21, effective July 12, 2012.
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