Kentucky Statutes 272A.11-020 – Effect of member’s dissociation
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(1) Upon a member‘s dissociation:
(a) Subject to KRS § 272A.11-030, the person has no further rights as a member;
and
(b) Subject to KRS § 272A.11-030 and Subchapter 16 of this chapter, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.
(2) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the limited cooperative association which the person incurred under the organic rules, by contract, or by other means while a member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 86, effective July 12, 2012.
(a) Subject to KRS § 272A.11-030, the person has no further rights as a member;
Terms Used In Kentucky Statutes 272A.11-020
- 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
- Financial rights: means the right to participate in allocations and distributions as provided in Subchapters 10 and 12 of this chapter, but does not include rights or obligations under a marketing contract governed by Subchapter 7 of this chapter. 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
and
(b) Subject to KRS § 272A.11-030 and Subchapter 16 of this chapter, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.
(2) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the limited cooperative association which the person incurred under the organic rules, by contract, or by other means while a member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 86, effective July 12, 2012.