Kentucky Statutes 272A.8-050 – Term of directors
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(1) Unless the organic rules otherwise provide, and subject to subsections (3) and (4) of this section and KRS § 272A.3-020(5), the term of a director expires at the annual members meeting following the director’s election or appointment. The term of a director may not exceed three (3) years.
(2) Unless the organic rules otherwise provide, a director may be reelected.
(3) Except as otherwise provided in subsection (4) of this section, a director continues to serve until a successor director is elected or appointed and qualifies or the director is removed, resigns, is adjudged incompetent, or dies.
(4) Unless the organic rules otherwise provide, a director does not serve the remainder of the director’s term if the director ceases to qualify to be a director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 58, effective July 12, 2012.
(2) Unless the organic rules otherwise provide, a director may be reelected.
Terms Used In Kentucky Statutes 272A.8-050
- Director: means a director of a limited cooperative association. See Kentucky Statutes 272A.1-020
- Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(3) Except as otherwise provided in subsection (4) of this section, a director continues to serve until a successor director is elected or appointed and qualifies or the director is removed, resigns, is adjudged incompetent, or dies.
(4) Unless the organic rules otherwise provide, a director does not serve the remainder of the director’s term if the director ceases to qualify to be a director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 58, effective July 12, 2012.