Kentucky Statutes 279.110 – General powers of rural electric cooperative corporations
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Any corporation created under this chapter may:
(1) Acquire and hold any property necessary or incidental to the proper conduct of its business, including preferred stock and common stock or other corporations whether formed under this chapter or not, and the stock of any federal agency, and may pay for any such property in cash, property or on credit, or both, and secure and procure payment of all or any part of the purchase price thereof on such terms and conditions as its board of directors determines;
(2) Acquire, own, operate, maintain and improve one (1) or more systems;
(3) Pledge all or part of its revenue or mortgage or encumber all or any part of its property for the purpose of securing the payment of the principal and interest of any of its obligations;
(4) Have and exercise the right of eminent domain in the manner provided in the
Eminent Domain Act of Kentucky;
(5) Construct, own, lease, operate, and control any facilities across, along, or under any street or public highway, and over any lands belonging to this state or to any county, city, or political subdivision of this state, but shall restore any such street or highway to its former condition as nearly as possible and shall not use it in such a manner as to impair unnecessarily its usefulness;
(6) Accept gifts and grants of money or property from this state, any county, city, or political subdivision of this state, any federal agency, or any other person, and accept voluntary and uncompensated services;
(7) Make any contract necessary or convenient for the full exercise of the powers granted by this chapter, or for any other corporate purpose, subject to any limitations imposed by this chapter;
(8) Sell, lease, or dispose of all or any part of its property, subject to the provisions of
KRS § 279.140;
(9) Contract debts, borrow money without limitation as to the amount of corporate indebtedness or liability, and issue or assume obligations;
(10) Fix and collect reasonable rates and charges for services, subject to the provisions of KRS Chapter 278;
(11) Assist its members in wiring their premises for the use of electric energy and in purchasing electrical equipment, appliances, and supplies, and in financing such activities;
(12) (a) Establish affiliates to engage in nonregulated businesses or activities as provided for in KRS § 279.020.
(b) A cooperative formed under this chapter shall annually report to its member- owners the nature of the nonregulated business or activity, its financial status and future expectations, as well as any other information deemed appropriate by its board of directors. The cooperative shall file with the Public Service Commission a balance sheet and income statement for each nonregulated business or activity, if the cooperative has established a separate affiliate to
engage in nonregulated business or activity.
(c) If the cooperative’s nonregulated activities are conducted within the cooperative pursuant to a contract with a federal military installation or a local, state, or federal government as provided for in KRS § 279.020, a balance sheet and statement of revenues and expenses for each nonregulated business or activity shall be filed with the Public Service Commission.
(d) The information to be filed with the Public Service Commission shall be filed simultaneously with the Public Service Commission annual report. The cooperative may request confidentiality for any information it provides as required in this subsection that it deems proprietary or competitive; and
(13) Do anything not specifically set forth in this section that is reasonably deemed necessary, proper, or convenient for the accomplishment of the purposes of the corporation and is not prohibited by law.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 114, sec. 2, effective July 12, 2006. — Amended
1976 Ky. Acts ch. 140, sec. 114, effective June 19, 1976. — Amended 1972 Ky. Acts ch. 11, sec. 3, effective June 16, 1972. — Amended 1962 Ky. Acts ch. 68, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 883j-7, 883j-8.
(1) Acquire and hold any property necessary or incidental to the proper conduct of its business, including preferred stock and common stock or other corporations whether formed under this chapter or not, and the stock of any federal agency, and may pay for any such property in cash, property or on credit, or both, and secure and procure payment of all or any part of the purchase price thereof on such terms and conditions as its board of directors determines;
Terms Used In Kentucky Statutes 279.110
- Acquire: means to construct, purchase, obtain by lease, devise, gift, or by eminent domain, or to obtain by any other lawful means. See Kentucky Statutes 279.010
- Board: means the board of directors of a corporation formed under this chapter. See Kentucky Statutes 279.010
- City: includes town. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative: means any corporation organized under KRS §. See Kentucky Statutes 279.310
- Corporation: means a profit or nonprofit corporation formed under the laws of any state or a foreign country. See Kentucky Statutes 279.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Federal agency: means and includes the United States, the President of the United States, and all federal authorities, instrumentalities and agencies in the ordinary sense. See Kentucky Statutes 279.010
- Improve: means to construct, reconstruct, extend, enlarge, alter, better, or repair. See Kentucky Statutes 279.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligations: means and includes negotiable bonds, notes, debentures, interim certificates or receipts and all other evidences of indebtedness either issued or the payment thereof assumed by a corporation organized under this chapter. See Kentucky Statutes 279.010
- Person: means any natural person, firm, association, corporation, business trust, or partnership. See Kentucky Statutes 279.310
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(2) Acquire, own, operate, maintain and improve one (1) or more systems;
(3) Pledge all or part of its revenue or mortgage or encumber all or any part of its property for the purpose of securing the payment of the principal and interest of any of its obligations;
(4) Have and exercise the right of eminent domain in the manner provided in the
Eminent Domain Act of Kentucky;
(5) Construct, own, lease, operate, and control any facilities across, along, or under any street or public highway, and over any lands belonging to this state or to any county, city, or political subdivision of this state, but shall restore any such street or highway to its former condition as nearly as possible and shall not use it in such a manner as to impair unnecessarily its usefulness;
(6) Accept gifts and grants of money or property from this state, any county, city, or political subdivision of this state, any federal agency, or any other person, and accept voluntary and uncompensated services;
(7) Make any contract necessary or convenient for the full exercise of the powers granted by this chapter, or for any other corporate purpose, subject to any limitations imposed by this chapter;
(8) Sell, lease, or dispose of all or any part of its property, subject to the provisions of
KRS § 279.140;
(9) Contract debts, borrow money without limitation as to the amount of corporate indebtedness or liability, and issue or assume obligations;
(10) Fix and collect reasonable rates and charges for services, subject to the provisions of KRS Chapter 278;
(11) Assist its members in wiring their premises for the use of electric energy and in purchasing electrical equipment, appliances, and supplies, and in financing such activities;
(12) (a) Establish affiliates to engage in nonregulated businesses or activities as provided for in KRS § 279.020.
(b) A cooperative formed under this chapter shall annually report to its member- owners the nature of the nonregulated business or activity, its financial status and future expectations, as well as any other information deemed appropriate by its board of directors. The cooperative shall file with the Public Service Commission a balance sheet and income statement for each nonregulated business or activity, if the cooperative has established a separate affiliate to
engage in nonregulated business or activity.
(c) If the cooperative’s nonregulated activities are conducted within the cooperative pursuant to a contract with a federal military installation or a local, state, or federal government as provided for in KRS § 279.020, a balance sheet and statement of revenues and expenses for each nonregulated business or activity shall be filed with the Public Service Commission.
(d) The information to be filed with the Public Service Commission shall be filed simultaneously with the Public Service Commission annual report. The cooperative may request confidentiality for any information it provides as required in this subsection that it deems proprietary or competitive; and
(13) Do anything not specifically set forth in this section that is reasonably deemed necessary, proper, or convenient for the accomplishment of the purposes of the corporation and is not prohibited by law.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 114, sec. 2, effective July 12, 2006. — Amended
1976 Ky. Acts ch. 140, sec. 114, effective June 19, 1976. — Amended 1972 Ky. Acts ch. 11, sec. 3, effective June 16, 1972. — Amended 1962 Ky. Acts ch. 68, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 883j-7, 883j-8.