Kentucky Statutes 272A.8-010 – Board of directors
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(1) A limited cooperative association shall have a board of directors of at least three (3) individuals, unless the association has fewer than three (3) members. If the association has fewer than three (3) members, the number of directors may not be fewer than the number of members.
(2) The affairs of a limited cooperative association shall be managed by, or under the direction of, the board of directors. The board may adopt policies and procedures that do not conflict with the organic rules or this chapter.
(3) An individual is not an agent for a limited cooperative association solely by being a director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 54, effective July 12, 2012.
(2) The affairs of a limited cooperative association shall be managed by, or under the direction of, the board of directors. The board may adopt policies and procedures that do not conflict with the organic rules or this chapter.
Terms Used In Kentucky Statutes 272A.8-010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Director: means a director of a limited cooperative association. See Kentucky Statutes 272A.1-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
(3) An individual is not an agent for a limited cooperative association solely by being a director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 54, effective July 12, 2012.