Kentucky Statutes 271B.8-440 – Contract rights of officers
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(1) The appointment of an officer shall not itself create contract rights.
(2) An officer’s removal shall not affect the officer’s contract rights, if any, with the corporation. An officer’s resignation shall not affect the corporation‘s contract rights, if any, with the officer.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 93, effective January 1, 1989.
(2) An officer’s removal shall not affect the officer’s contract rights, if any, with the corporation. An officer’s resignation shall not affect the corporation‘s contract rights, if any, with the officer.
Terms Used In Kentucky Statutes 271B.8-440
- Contract: A legal written agreement that becomes binding when signed.
- 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
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 93, effective January 1, 1989.