Kentucky Statutes 386A.5-030 – Action by trustees
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(1) On any matter that is to be acted on by trustees:
(a) Each trustee has equal rights in the management and conduct of trust business;
and
(b) The trustees act by majority of the trustees.
(2) The trustees may act other than at a meeting of the trustees if the minimum number of trustees necessary to authorize or to take action at a meeting consent in a signed record. Prompt notice of the action taken must be promptly communicated to all trustees.
(3) A trustee may not vote by proxy.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 35, effective July 12, 2012.
(a) Each trustee has equal rights in the management and conduct of trust business;
Terms Used In Kentucky Statutes 386A.5-030
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
and
(b) The trustees act by majority of the trustees.
(2) The trustees may act other than at a meeting of the trustees if the minimum number of trustees necessary to authorize or to take action at a meeting consent in a signed record. Prompt notice of the action taken must be promptly communicated to all trustees.
(3) A trustee may not vote by proxy.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 81, sec. 35, effective July 12, 2012.