Kentucky Statutes 14A.9-050 – Effect of certificate of authority
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(1) A certificate of authority shall authorize the foreign entity to which it is issued the authority to transact business in this Commonwealth subject, however, to the right of the Commonwealth to revoke the certificate as provided in this chapter.
(2) A foreign entity with a valid certificate of authority shall have the same but no greater rights and shall have the same but no greater privileges as, and except as otherwise provided by this chapter shall be subject to the same duties, restrictions, penalties, and liabilities now or later imposed on, a domestic entity of like character.
(3) This chapter shall not authorize this Commonwealth to regulate the organization or internal affairs, including the inspection of books, records, and documents, of a foreign entity transacting business in this Commonwealth.
(4) Nothing in this section shall be interpreted or construed to limit the capacity and authority of a professional regulatory board to regulate the terms and manner by which professional services are rendered in the Commonwealth of Kentucky through or on behalf of a foreign entity.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 106, sec. 4, effective June 25, 2013. — Created
2010 Ky. Acts ch. 151, sec. 44, effective January 1, 2011.
(2) A foreign entity with a valid certificate of authority shall have the same but no greater rights and shall have the same but no greater privileges as, and except as otherwise provided by this chapter shall be subject to the same duties, restrictions, penalties, and liabilities now or later imposed on, a domestic entity of like character.
Terms Used In Kentucky Statutes 14A.9-050
- Business: includes every trade, occupation, and profession. See Kentucky Statutes 14A.1-070
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- Entity: means a corporation, business or statutory trust, partnership, limited partnership, limited liability company, limited cooperative association, or unincorporated nonprofit association, governed as to its internal affairs by the laws of the Commonwealth of Kentucky. See Kentucky Statutes 14A.1-070
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Regulatory board: means the agency that is charged by law with the licensing and regulation of the practice of the profession which the entity is organized to provide. See Kentucky Statutes 14A.1-070
(3) This chapter shall not authorize this Commonwealth to regulate the organization or internal affairs, including the inspection of books, records, and documents, of a foreign entity transacting business in this Commonwealth.
(4) Nothing in this section shall be interpreted or construed to limit the capacity and authority of a professional regulatory board to regulate the terms and manner by which professional services are rendered in the Commonwealth of Kentucky through or on behalf of a foreign entity.
Effective: June 25, 2013
History: Amended 2013 Ky. Acts ch. 106, sec. 4, effective June 25, 2013. — Created
2010 Ky. Acts ch. 151, sec. 44, effective January 1, 2011.