Kentucky Statutes 272A.16-030 – Effect of conversion
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(1) A foreign entity that has been converted into a limited cooperative association is for all purposes the same entity that existed before the conversion but, after conversion, it is organized under this chapter and is subject to that law and other law as it applies thereto.
(2) When a conversion takes effect:
(a) All property owned by the converting entity remains vested in the converted entity;
(b) All debts, liabilities, and other obligations of the converting entity continue as obligations of the converted entity;
(c) An action or proceeding pending by or against the converting entity may be continued as if the conversion had not occurred;
(d) Except as prohibited by other law, all the rights, privileges, immunities, powers, and purposes of the converting entity remain vested in the converted entity;
(e) Except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect; and
(f) Except as otherwise provided in the plan of conversion, the conversion does not dissolve the converting entity.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 112, effective July 12, 2012.
(2) When a conversion takes effect:
Terms Used In Kentucky Statutes 272A.16-030
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Converting entity: means a foreign entity that converts into a limited cooperative association pursuant to KRS §. See Kentucky Statutes 272A.16-010
- 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: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(a) All property owned by the converting entity remains vested in the converted entity;
(b) All debts, liabilities, and other obligations of the converting entity continue as obligations of the converted entity;
(c) An action or proceeding pending by or against the converting entity may be continued as if the conversion had not occurred;
(d) Except as prohibited by other law, all the rights, privileges, immunities, powers, and purposes of the converting entity remain vested in the converted entity;
(e) Except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect; and
(f) Except as otherwise provided in the plan of conversion, the conversion does not dissolve the converting entity.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 112, effective July 12, 2012.