There is a newer version of this Section
2022
2021
2020
2019
2018
Other previous versions
View our newest version here

2017 Kentucky Revised Statutes
CHAPTER 272A - KENTUCKY UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT
Subchapter 16 - Mergers and Conversions
272A.16-060 Approval of merger -- Abandonment.

Universal Citation: KY Rev Stat § 272A.16-060 (2017)
Previous Next

Download as PDF
272A.16-060 Approval of merger -- Abandonment. (1) (2) (3) (4) (5) (6) Subject to subsections (2) and (3) of this section, a plan of merger 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.16-050; 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 provide 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. The vote required to approve a plan of merger shall not be less than the vote required for the members of the limited cooperative association to amend the articles of association. Consent in a record to a plan of merger by a member shall be delivered to the limited cooperative association before delivery of articles of merger for filing pursuant to KRS 272A.16-070 if, as a result of the merger, the member will have: (a) Personal liability for an obligation of the association; or (b) An obligation or liability for an additional contribution. Subject to subsection (4) of this section and any contractual rights, after a merger is approved, and at any time before the effective date of the merger, a limited cooperative association that is a party to the merger may approve an amendment to the plan of merger or approve abandonment of the planned merger: (a) As provided in the plan; and (b) Except as prohibited by the plan, with the same affirmative vote of the board of directors and of the members as was required to approve the plan. The voting requirements for districts, classes, or voting groups under KRS 272A.4040 apply to approval of a merger. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 115, effective July 12, 2012.
Previous Next
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.