(1) The membership of each tobacco board of trade shall be divided into two (2) classes: active members and associate members. Any person, partnership, corporation or association operating a loose leaf auction warehouse or warehouses shall be eligible for active membership in the tobacco board of trade; provided, however, that each board of trade shall have the right to establish the basis of voting rights for its warehouse members according to floor space, ownership, number of separate warehouse buildings or otherwise. Any person, partnership, corporation or association not eligible for active membership but holding a tobacco dealer’s license and purchasing tobacco pursuant to said license upon the market governed by the tobacco board of trade shall be eligible for election as an associate member. Each associate member shall have the option of becoming, upon written notice to the tobacco board of trade, either a participating or a nonparticipating member. A nonparticipating member shall not have the right to vote upon any question coming before the tobacco board of trade.
(2) A participating associate member shall not participate in or have any voice or vote in the management, conduct, activities, allotments of sale time or hours, affixing of dates for the opening or closing of the tobacco markets serviced by the tobacco board of trade, or in any other manner or respect relating strictly to the functions normally performed by the warehouse members of the tobacco board of trade.

Terms Used In Kentucky Statutes 248.025

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Warehouse: means any tobacco warehouse operating as a place of sale for tobacco in this state. See Kentucky Statutes 248.010

History: Created 1968 Ky. Acts ch. 152, sec. 129.
History for former KRS § 248.025: — Repealed 1966 Ky. Acts ch. 255, sec. 283. — Created 1962 Ky. Acts ch. 302, sec. 2.

  Previous section
Next section  
 Chapter 248 Contents