Kentucky Statutes 272A.5-120 – Voting requirements for members
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If a limited cooperative association has both patron and investor members, the following rules apply:
(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote;
(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:
(a) All members voting at the meeting unless more than a majority is required by
Subchapter 4, 12, 15, or 16 of this chapter or the organic rules; and
(b) Votes cast by patron members unless the organic rules require a larger affirmative vote by patron members; and
(3) The organic rules may provide for the percentage of the affirmative votes that must be cast by investor members to approve the matter.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 41, effective July 12, 2012.
(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote;
Terms Used In Kentucky Statutes 272A.5-120
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. 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
(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:
(a) All members voting at the meeting unless more than a majority is required by
Subchapter 4, 12, 15, or 16 of this chapter or the organic rules; and
(b) Votes cast by patron members unless the organic rules require a larger affirmative vote by patron members; and
(3) The organic rules may provide for the percentage of the affirmative votes that must be cast by investor members to approve the matter.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 41, effective July 12, 2012.