Kentucky Statutes 272A.3-030 – Bylaws
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(1) Bylaws shall be in a record and, if not stated in the articles of association, shall include:
(a) A statement of the capital structure of the limited cooperative association, including:
1. The classes or other types of members’ interests and relative rights, preferences, and restrictions granted to or imposed upon each class or other type of member‘s interest; and
2. The rights to share in profits or distributions of the association; (b) A statement of the method for admission of members;
(c) A statement designating voting and other governance rights, including which members have voting power and any restriction on voting power;
(d) A statement that a member’s interest is transferable if it is to be transferable, and a statement of the conditions upon which it may be transferred;
(e) A statement concerning the manner in which profits and losses are allocated and distributions are made among patron members and, if investor members are authorized, the manner in which profits and losses are allocated and how distributions are made among investor members and between patron members and investor members;
(f) A statement concerning:
1. Whether persons that are not members but conduct business with the association may be permitted to share in allocations of profits and losses and receive distributions; and
2. The manner in which profits and losses are allocated and distributions are made with respect to those persons; and
(g) A statement of the number and terms of directors or the method by which the number and terms are determined.
(2) Subject to KRS § 272A.1-110 and the articles of association, bylaws may contain any other provision for managing and regulating the affairs of the association.
(3) In addition to amendments permitted under Subchapter 4 of this chapter, the initial board of directors may amend the bylaws by a majority vote of the directors at any time before the admission of members.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 22, effective July 12, 2012.
(a) A statement of the capital structure of the limited cooperative association, including:
Terms Used In Kentucky Statutes 272A.3-030
- Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
- Bylaws: means the bylaws of a limited cooperative association. See Kentucky Statutes 272A.1-020
- 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
- Governance rights: means the right to participate in governance of a limited cooperative association. 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
- 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
1. The classes or other types of members’ interests and relative rights, preferences, and restrictions granted to or imposed upon each class or other type of member‘s interest; and
2. The rights to share in profits or distributions of the association; (b) A statement of the method for admission of members;
(c) A statement designating voting and other governance rights, including which members have voting power and any restriction on voting power;
(d) A statement that a member’s interest is transferable if it is to be transferable, and a statement of the conditions upon which it may be transferred;
(e) A statement concerning the manner in which profits and losses are allocated and distributions are made among patron members and, if investor members are authorized, the manner in which profits and losses are allocated and how distributions are made among investor members and between patron members and investor members;
(f) A statement concerning:
1. Whether persons that are not members but conduct business with the association may be permitted to share in allocations of profits and losses and receive distributions; and
2. The manner in which profits and losses are allocated and distributions are made with respect to those persons; and
(g) A statement of the number and terms of directors or the method by which the number and terms are determined.
(2) Subject to KRS § 272A.1-110 and the articles of association, bylaws may contain any other provision for managing and regulating the affairs of the association.
(3) In addition to amendments permitted under Subchapter 4 of this chapter, the initial board of directors may amend the bylaws by a majority vote of the directors at any time before the admission of members.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 22, effective July 12, 2012.