Kentucky Statutes 299.240 – Fixing amount and shares of capital stock — Sale of stock
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(1) At the meeting to change the form of the company, if the proposed change is approved, the amount of the capital stock of the reorganized company shall be fixed within the limits prescribed by law for companies of the type to which the change is made, and the par value of the shares and the number of shares into which the capital stock is to be divided shall be determined.
(2) The policyholders of the assessment or cooperative company shall have the first right to subscribe for stock, subject to such equitable regulations as the directors may prescribe. All subscriptions for shares of stock shall be paid for in cash and at a price not less than par.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 681b-2, 681b-3.
(2) The policyholders of the assessment or cooperative company shall have the first right to subscribe for stock, subject to such equitable regulations as the directors may prescribe. All subscriptions for shares of stock shall be paid for in cash and at a price not less than par.
Terms Used In Kentucky Statutes 299.240
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 681b-2, 681b-3.