Kentucky Statutes 502.050 – Corporate liability
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(1) A corporation is guilty of an offense when:
(a) The conduct constituting the offense consists of a failure to discharge a specific duty imposed upon corporations by law; or
(b) The conduct constituting the offense is engaged in, authorized, commanded or wantonly tolerated by the board of directors or by a high managerial agent acting within the scope of his employment in behalf of the corporation; or
(c) The conduct constituting the offense is engaged in by an agent of the corporation acting within the scope of his employment and in behalf of the corporation and:
1. The offense is a misdemeanor or violation; or
2. The offense is one defined by a statute which clearly indicates a legislative intent to impose such criminal liability on a corporation.
(2) As used in this section:
(a) “Agent” means any officer, director, servant or employee of the corporation or any other person authorized to act in behalf of the corporation.
(b) “High managerial agent” means an officer of a corporation or any other agent of a corporation who has duties of such responsibility that his conduct reasonably may be assumed to represent the policy of the corporation.
Effective: January 1, 1975
History: Created 1974 Ky. Acts ch. 406, sec. 24, effective January 1, 1975.
(a) The conduct constituting the offense consists of a failure to discharge a specific duty imposed upon corporations by law; or
Terms Used In Kentucky Statutes 502.050
- 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.
- Corporation: may extend and be applied to any corporation, company, 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
- Statute: A law passed by a legislature.
(b) The conduct constituting the offense is engaged in, authorized, commanded or wantonly tolerated by the board of directors or by a high managerial agent acting within the scope of his employment in behalf of the corporation; or
(c) The conduct constituting the offense is engaged in by an agent of the corporation acting within the scope of his employment and in behalf of the corporation and:
1. The offense is a misdemeanor or violation; or
2. The offense is one defined by a statute which clearly indicates a legislative intent to impose such criminal liability on a corporation.
(2) As used in this section:
(a) “Agent” means any officer, director, servant or employee of the corporation or any other person authorized to act in behalf of the corporation.
(b) “High managerial agent” means an officer of a corporation or any other agent of a corporation who has duties of such responsibility that his conduct reasonably may be assumed to represent the policy of the corporation.
Effective: January 1, 1975
History: Created 1974 Ky. Acts ch. 406, sec. 24, effective January 1, 1975.