Kentucky Statutes 272A.3-020 – Organization of limited cooperative association
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(1) After a limited cooperative association is formed:
(a) If initial directors are named in the articles of association, the initial directors shall hold an organizational meeting to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association; or
(b) If initial directors are not named in the articles of association, the organizers shall designate the initial directors and call a meeting of the initial directors to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association.
(2) Before the beginning of the initial meeting of the board of directors, an organizer who knows that information in the filed articles of association was inaccurate when the articles were filed or has become inaccurate due to changed circumstances shall promptly:
(a) Cause the articles to be corrected as provided in KRS § 14A.2-090; or
(b) Deliver an amendment to the Secretary of State for filing pursuant to KRS
272A.4-070.
(3) Unless the articles of association otherwise provide, the initial directors may cause the limited cooperative association to accept members, including those necessary for the association to begin business.
(4) Initial directors need not be members.
(5) An initial director serves until a successor is elected and qualified at a members meeting or the director is removed, resigns, is adjudged incompetent, or dies.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 21, effective July 12, 2012.
(a) If initial directors are named in the articles of association, the initial directors shall hold an organizational meeting to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association; or
Terms Used In Kentucky Statutes 272A.3-020
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
- Bylaws: means the bylaws of a limited cooperative association. 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
- Director: means a director of a limited cooperative association. See Kentucky Statutes 272A.1-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
- Organizer: means an individual who signs the initial articles of association. See Kentucky Statutes 272A.1-020
- Secretary: means the officer designated pursuant to KRS §. 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
(b) If initial directors are not named in the articles of association, the organizers shall designate the initial directors and call a meeting of the initial directors to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association.
(2) Before the beginning of the initial meeting of the board of directors, an organizer who knows that information in the filed articles of association was inaccurate when the articles were filed or has become inaccurate due to changed circumstances shall promptly:
(a) Cause the articles to be corrected as provided in KRS § 14A.2-090; or
(b) Deliver an amendment to the Secretary of State for filing pursuant to KRS
272A.4-070.
(3) Unless the articles of association otherwise provide, the initial directors may cause the limited cooperative association to accept members, including those necessary for the association to begin business.
(4) Initial directors need not be members.
(5) An initial director serves until a successor is elected and qualified at a members meeting or the director is removed, resigns, is adjudged incompetent, or dies.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 21, effective July 12, 2012.