(1) A limited cooperative association may amend its organic rules for any lawful purpose. In addition, the initial board of directors may amend the bylaws of an association under KRS § 272A.3-030.
(2) Unless the organic rules otherwise provide, a member does not have a vested property right resulting from any provision in the organic rules, including a provision relating to the management, control, capital structure, distribution, entitlement, purpose, or duration of the limited cooperative association.

Terms Used In Kentucky Statutes 272A.4-010

  • 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
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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

Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 23, effective July 12, 2012.

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