Kentucky Statutes 272A.1-050 – Purpose and duration of limited cooperative association
Current as of: 2024 | Check for updates
|
Other versions
(1) A limited cooperative association is an entity distinct from its members.
(2) A limited cooperative association may be organized for any lawful purpose, whether or not for profit.
(3) This chapter does not alter or amend any law that governs the licensing and regulation of an individual or entity in carrying on a specific business or profession even if that law permits the business or profession to be conducted by a limited cooperative association, a foreign cooperative, or its members.
(4) A limited cooperative association may not conduct an activity that, under law of this state other than this chapter, may be conducted only by an entity that meets specific requirements for the internal affairs of that entity unless the organic rules of the association conform to those requirements.
(5) Unless the articles of association state a term for a limited cooperative association’s existence, the association has perpetual duration.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 5, effective July 12, 2012.
(2) A limited cooperative association may be organized for any lawful purpose, whether or not for profit.
Terms Used In Kentucky Statutes 272A.1-050
- Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Entity: means an entity or a foreign entity, both as defined in KRS §. See Kentucky Statutes 272A.1-020
- Foreign cooperative: means an entity organized in a jurisdiction other than this
Commonwealth under a law similar to this chapter. See Kentucky Statutes 272A.1-020 - State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 272A.1-020
(3) This chapter does not alter or amend any law that governs the licensing and regulation of an individual or entity in carrying on a specific business or profession even if that law permits the business or profession to be conducted by a limited cooperative association, a foreign cooperative, or its members.
(4) A limited cooperative association may not conduct an activity that, under law of this state other than this chapter, may be conducted only by an entity that meets specific requirements for the internal affairs of that entity unless the organic rules of the association conform to those requirements.
(5) Unless the articles of association state a term for a limited cooperative association’s existence, the association has perpetual duration.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 5, effective July 12, 2012.