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2017 Kentucky Revised Statutes
CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT
Subchapter 15 - Disposition of Assets
272A.15-040 Disposition of assets.

Universal Citation: KY Rev Stat § 272A.15-040 (2017)
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272A.15-040 Disposition of assets. (1) (2) (3) (4) Subject to subsection (2) of this section, a disposition of assets under KRS 272A.15-020 shall be approved by: (a) At least two-thirds (2/3) of the voting power of members present at a members meeting called under KRS 272A.15-030(2); and (b) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage vote by patron members. The organic rules may require that the percentage of votes under subsection (1)(a) of this section is: (a) A different percentage that is not less than a majority of members voting at the meeting; (b) Measured against the voting power of all members; or (c) A combination of paragraphs (a) and (b) of this subsection. Subject to any contractual obligations, after a disposition of assets is approved and at any time before the consummation of the disposition, a limited cooperative association may approve an amendment to the contract for disposition or the resolution authorizing the disposition or approve abandonment of the disposition: (a) As provided in the contract or the resolution; and (b) Except as prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition. The voting requirements for districts, classes, or voting groups under KRS 272A.4040 apply to approval of a disposition of assets under this subchapter. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 109, effective July 12, 2012.
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