Kentucky Statutes 272A.10-060 – Redemption or repurchase of distributed property
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Property distributed to a member by a limited cooperative association, other than money, may be redeemed or repurchased as provided in the organic rules, but a redemption or repurchase may not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole discretion. A redemption or repurchase is treated as a distribution for purposes of KRS § 272A.10-070.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 82, effective July 12, 2012.
Effective: July 12, 2012
Terms Used In Kentucky Statutes 272A.10-060
- 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
- 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
History: Created 2012 Ky. Acts ch. 160, sec. 82, effective July 12, 2012.