Kentucky Statutes 386A.6-020 – Voting or consent by beneficial owners
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(1) The vote of all beneficial owners is required for:
(a) The amendment of the governing instrument;
(b) Compromise of a beneficial owner‘s obligation to make a contribution to the statutory trust;
(c) The conversion of the statutory trust; (d) The merger of the statutory trust;
(e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and
(f) The dissolution of the statutory trust.
(2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests.
(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 46, effective July 12, 2012.
(a) The amendment of the governing instrument;
Terms Used In Kentucky Statutes 386A.6-020
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
(b) Compromise of a beneficial owner‘s obligation to make a contribution to the statutory trust;
(c) The conversion of the statutory trust; (d) The merger of the statutory trust;
(e) The extension of the term of the statutory trust beyond that provided for in the governing instrument; and
(f) The dissolution of the statutory trust.
(2) Except as provided in subsection (1) of this section, the beneficial owners act by a majority of the beneficial interests.
(3) A beneficial owner may vote in person or by proxy, but if by proxy, the proxy must be contained in a signed record.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 46, effective July 12, 2012.