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2017 Kentucky Revised Statutes
CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT
Subchapter 15 - Disposition of Assets
272A.15-030 Notice and action in asset disposition.

Universal Citation: KY Rev Stat § 272A.15-030 (2017)
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272A.15-030 Notice and action in asset disposition. For a limited cooperative association to dispose of assets under KRS 272A.15-020: (1) A majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and (2) The board of directors shall call a members meeting to consider the proposed disposition, hold the meeting not later than ninety (90) days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member: (a) The terms of the proposed disposition; (b) A recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination; (c) A statement of any condition of the board's submission of the proposed disposition to the members; and (d) Notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 108, effective July 12, 2012.
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