Kentucky Statutes 272A.1-060 – Powers
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(1) A limited cooperative association may sue and be sued in its own name and do all things necessary or convenient to carry on its activities.
(2) An association may maintain an action against a member for harm caused to the association by the member’s violation of a duty to the association or of the organic law or organic rules.
(3) A member of a limited cooperative association shall not be a proper party to a proceeding by or against a limited cooperative association, solely by reason of being a member of the limited cooperative association, except if the object of the proceeding is to enforce a member’s right against or liability to the limited cooperative association or as otherwise provided in an operating agreement.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 6, effective July 12, 2012.
(2) An association may maintain an action against a member for harm caused to the association by the member’s violation of a duty to the association or of the organic law or organic rules.
Terms Used In Kentucky Statutes 272A.1-060
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
- Organic law: means the statute providing for the creation of an entity or principally governing its internal affairs. See Kentucky Statutes 272A.1-020
(3) A member of a limited cooperative association shall not be a proper party to a proceeding by or against a limited cooperative association, solely by reason of being a member of the limited cooperative association, except if the object of the proceeding is to enforce a member’s right against or liability to the limited cooperative association or as otherwise provided in an operating agreement.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 6, effective July 12, 2012.