Kentucky Statutes 271B.18-070 – Additional penalties for violation of KRS 506.010, 506.030, 506.040, 521.020, or 521.050
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(1) If a domestic corporation is convicted of a violation of KRS § 506.010, 506.030,
506.040, 521.020, or 521.050, or if an officer, employee, or agent of the corporation is convicted of violating any section specified above under circumstances which bring corporate liability under KRS § 502.050(1)(b), the court shall order that the charter of the corporation be suspended for a period of not more than five (5) years for a first offense, ten (10) years for a second offense, and permanently for a third or subsequent offense.
(2) If a foreign corporation is convicted of a violation of any section specified in subsection (1) of this section, or if an officer, employee, or agent of the corporation is convicted of violating any section specified in subsection (1) of this section under circumstances which bring corporate liability under KRS § 502.050(1)(b), the court shall order that the corporation not be permitted to do business in Kentucky for the appropriate period specified in subsection (1) of this section.
(3) The penalties specified in this section shall be in addition to any other penalty specified by law for the commission of the offenses listed in subsection (1) of this section.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 477, sec. 6, effective July 15, 1994.
506.040, 521.020, or 521.050, or if an officer, employee, or agent of the corporation is convicted of violating any section specified above under circumstances which bring corporate liability under KRS § 502.050(1)(b), the court shall order that the charter of the corporation be suspended for a period of not more than five (5) years for a first offense, ten (10) years for a second offense, and permanently for a third or subsequent offense.
Terms Used In Kentucky Statutes 271B.18-070
- 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
- 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
- Employee: includes an officer but not a director. See Kentucky Statutes 271B.1-400
- Foreign corporation: means a corporation for profit incorporated under a law other than the law of this state. See Kentucky Statutes 271B.1-400
(2) If a foreign corporation is convicted of a violation of any section specified in subsection (1) of this section, or if an officer, employee, or agent of the corporation is convicted of violating any section specified in subsection (1) of this section under circumstances which bring corporate liability under KRS § 502.050(1)(b), the court shall order that the corporation not be permitted to do business in Kentucky for the appropriate period specified in subsection (1) of this section.
(3) The penalties specified in this section shall be in addition to any other penalty specified by law for the commission of the offenses listed in subsection (1) of this section.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 477, sec. 6, effective July 15, 1994.