Kentucky Statutes 272A.8-070 – Removal of director
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(1) Members may remove a director with or without cause.
(2) A member or members holding at least ten percent (10%) of the total voting power entitled to be voted in the election of a director may demand removal of the director by one (1) or more signed petitions submitted to the officer of the limited cooperative association charged with keeping its records.
(3) Upon receipt of a petition for removal of a director, an officer of the association or the board of directors shall:
(a) Call a special meeting of members to be held not later than forty-five (45)
days after receipt of the petition by the association; and
(b) Mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal, and to the director to be removed, notice of the meeting which complies with KRS § 272A.5-070.
(4) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 60, effective July 12, 2012.
(2) A member or members holding at least ten percent (10%) of the total voting power entitled to be voted in the election of a director may demand removal of the director by one (1) or more signed petitions submitted to the officer of the limited cooperative association charged with keeping its records.
Terms Used In Kentucky Statutes 272A.8-070
- 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
- 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
(3) Upon receipt of a petition for removal of a director, an officer of the association or the board of directors shall:
(a) Call a special meeting of members to be held not later than forty-five (45)
days after receipt of the petition by the association; and
(b) Mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal, and to the director to be removed, notice of the meeting which complies with KRS § 272A.5-070.
(4) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 60, effective July 12, 2012.