Kentucky Statutes 272A.15-030 – Notice and action in asset disposition
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For a limited cooperative association to dispose of assets under KRS § 272A.15-020:
(1) A majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and
(2) The board of directors shall call a members meeting to consider the proposed disposition, hold the meeting not later than ninety (90) days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:
(a) The terms of the proposed disposition;
(b) A recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(c) A statement of any condition of the board’s submission of the proposed disposition to the members; and
(d) Notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 108, effective July 12, 2012.
(1) A majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and
Terms Used In Kentucky Statutes 272A.15-030
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
(2) The board of directors shall call a members meeting to consider the proposed disposition, hold the meeting not later than ninety (90) days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:
(a) The terms of the proposed disposition;
(b) A recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(c) A statement of any condition of the board’s submission of the proposed disposition to the members; and
(d) Notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 108, effective July 12, 2012.