Kentucky Statutes 272A.15-040 – Disposition of assets
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(1) Subject to subsection (2) of this section, a disposition of assets under KRS
272A.15-020 shall be approved by:
(a) At least two-thirds (2/3) of the voting power of members present at a members meeting called under KRS § 272A.15-030(2); and
(b) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage vote by patron members.
(2) The organic rules may require that the percentage of votes under subsection (1)(a)
of this section is:
(a) A different percentage that is not less than a majority of members voting at the meeting;
(b) Measured against the voting power of all members; or
(c) A combination of paragraphs (a) and (b) of this subsection.
(3) Subject to any contractual obligations, after a disposition of assets is approved and at any time before the consummation of the disposition, a limited cooperative association may approve an amendment to the contract for disposition or the resolution authorizing the disposition or approve abandonment of the disposition:
(a) As provided in the contract or the resolution; and
(b) Except as prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition.
(4) The voting requirements for districts, classes, or voting groups under KRS § 272A.4-
040 apply to approval of a disposition of assets under this subchapter.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 109, effective July 12, 2012.
272A.15-020 shall be approved by:
Terms Used In Kentucky Statutes 272A.15-040
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
- Voting power: means the total current power of members to vote on a particular matter for which a vote may or is to be taken. See Kentucky Statutes 272A.1-020
(a) At least two-thirds (2/3) of the voting power of members present at a members meeting called under KRS § 272A.15-030(2); and
(b) If the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage vote by patron members.
(2) The organic rules may require that the percentage of votes under subsection (1)(a)
of this section is:
(a) A different percentage that is not less than a majority of members voting at the meeting;
(b) Measured against the voting power of all members; or
(c) A combination of paragraphs (a) and (b) of this subsection.
(3) Subject to any contractual obligations, after a disposition of assets is approved and at any time before the consummation of the disposition, a limited cooperative association may approve an amendment to the contract for disposition or the resolution authorizing the disposition or approve abandonment of the disposition:
(a) As provided in the contract or the resolution; and
(b) Except as prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition.
(4) The voting requirements for districts, classes, or voting groups under KRS § 272A.4-
040 apply to approval of a disposition of assets under this subchapter.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 109, effective July 12, 2012.