Kentucky Statutes 272A.8-090 – Vacancy on board
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(1) Unless the organic rules otherwise provide, a vacancy on the board of directors shall be filled:
(a) Within a reasonable time by majority vote of the remaining directors until the next annual members meeting or a special meeting of members called to fill the vacancy; and
(b) For the unexpired term by members at the next annual members meeting or a special meeting of members called to fill the vacancy.
(2) Unless the organic rules otherwise provide, if a vacating director was elected or appointed by a class of members or a district:
(a) The new director shall be of that class or district; and
(b) The selection of the director for the unexpired term shall be conducted in the same manner as would the selection for that position without a vacancy.
(3) If a member appointed a vacating director, the organic rules may provide for that member to appoint a director to fill the vacancy.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 62, effective July 12, 2012.
(a) Within a reasonable time by majority vote of the remaining directors until the next annual members meeting or a special meeting of members called to fill the vacancy; and
Terms Used In Kentucky Statutes 272A.8-090
- 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
- Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
(b) For the unexpired term by members at the next annual members meeting or a special meeting of members called to fill the vacancy.
(2) Unless the organic rules otherwise provide, if a vacating director was elected or appointed by a class of members or a district:
(a) The new director shall be of that class or district; and
(b) The selection of the director for the unexpired term shall be conducted in the same manner as would the selection for that position without a vacancy.
(3) If a member appointed a vacating director, the organic rules may provide for that member to appoint a director to fill the vacancy.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 62, effective July 12, 2012.