Kentucky Statutes 272A.10-020 – Contribution and valuation
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(1) Unless the organic rules otherwise provide, the contributions of a member to a limited cooperative association may consist of tangible or intangible property or other benefit to the association, including money, labor, or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed.
(2) The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a limited cooperative association’s records.
(3) Unless the organic rules otherwise provide, the board of directors shall determine the value of a member’s contributions received or to be received, and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member’s contribution obligation has been met.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 78, effective July 12, 2012.
(2) The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a limited cooperative association’s records.
Terms Used In Kentucky Statutes 272A.10-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) Unless the organic rules otherwise provide, the board of directors shall determine the value of a member’s contributions received or to be received, and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member’s contribution obligation has been met.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 78, effective July 12, 2012.