Kentucky Statutes 56.809 – Statement of owners of property to be furnished to cabinet — New statement required under certain conditions
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(1) When the owner of real property selected to be leased to the Commonwealth is a corporation, partnership, business trust, or organization, a disclosure statement providing a list of the names of all persons owning five percent (5%) or more of the shares in such entities and the names of all partners, including silent and limited partners, shall be furnished to the Finance and Administration Cabinet prior to the execution of the lease agreement.
(2) Any person, corporation, partnership, business trust, or organization which receives income from the lease of real property to the Commonwealth and then, by way of assignment, transfer, or any other direct or indirect means, conveys some part of that income to any other person, corporation, partnership, business trust, or organization shall file a disclosure statement with the Finance and Administration Cabinet. The disclosure statement shall identify each recipient of the income and the amount received by each recipient.
(3) A new disclosure statement shall be furnished to the Finance and Administration
Cabinet upon:
(a) Any change or transfer of ownership involving persons, including silent or limited partners, owning five percent (5%) or more of the shares in the corporation, partnership, business trust, or organization; or
(b) Any change in the distribution of income from the leased property by way of assignment, transfer, or any other direct or indirect means.
(4) The Department for Facilities Management shall maintain each disclosure statement obtained pursuant to this section in the appropriate lease file and shall make all lease files available for public inspection.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 512, sec. 7, effective July 13, 1990.
(2) Any person, corporation, partnership, business trust, or organization which receives income from the lease of real property to the Commonwealth and then, by way of assignment, transfer, or any other direct or indirect means, conveys some part of that income to any other person, corporation, partnership, business trust, or organization shall file a disclosure statement with the Finance and Administration Cabinet. The disclosure statement shall identify each recipient of the income and the amount received by each recipient.
Terms Used In Kentucky Statutes 56.809
- Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Cabinet: means the Finance and Administration Cabinet. See Kentucky Statutes 56.440
- 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
- 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
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(3) A new disclosure statement shall be furnished to the Finance and Administration
Cabinet upon:
(a) Any change or transfer of ownership involving persons, including silent or limited partners, owning five percent (5%) or more of the shares in the corporation, partnership, business trust, or organization; or
(b) Any change in the distribution of income from the leased property by way of assignment, transfer, or any other direct or indirect means.
(4) The Department for Facilities Management shall maintain each disclosure statement obtained pursuant to this section in the appropriate lease file and shall make all lease files available for public inspection.
Effective: July 13, 1990
History: Created 1990 Ky. Acts ch. 512, sec. 7, effective July 13, 1990.