Kentucky Statutes 272A.1-130 – Dual capacity — Business transactions of member with limited cooperative association
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(1) A person may have a patron member‘s interest and an investor member‘s interest.
(2) When a person acts as a patron member, the person is subject to this chapter and the organic rules governing patron members.
(3) When a person acts as an investor member, the person is subject to this chapter and the organic rules governing investor members.
(4) Subject to KRS § 272A.8-180 and KRS § 272A.8-190 and except as otherwise provided in the organic rules or a specific contract relating to a transaction, a member may lend money to and transact other business with a limited cooperative association in the same manner as a person that is not a member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 13, effective July 12, 2012.
(2) When a person acts as a patron member, the person is subject to this chapter and the organic rules governing patron members.
Terms Used In Kentucky Statutes 272A.1-130
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Investor member: means a member that has made a contribution to a limited cooperative association and:
(a) Is not required by the organic rules to conduct patronage with the association in the member's capacity as an investor member in order to receive the member's interest. See Kentucky Statutes 272A.1-020 - Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
- Patron member: means a member that has made a contribution to a limited cooperative association and:
(a) Is required by the organic rules to conduct patronage with the association in the member's capacity as a patron member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
(3) When a person acts as an investor member, the person is subject to this chapter and the organic rules governing investor members.
(4) Subject to KRS § 272A.8-180 and KRS § 272A.8-190 and except as otherwise provided in the organic rules or a specific contract relating to a transaction, a member may lend money to and transact other business with a limited cooperative association in the same manner as a person that is not a member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 13, effective July 12, 2012.