Kentucky Statutes 279.390 – Members and shareholders — Requirements for membership
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(1) Each incorporator of a cooperative shall be a member thereof but no other person may become a member thereof unless such other person agrees to use telephone service furnished by the cooperative when it is made available through its facilities. Membership in a cooperative shall be evidenced by a certificate of membership which shall not be transferable, except as provided in the bylaws. The bylaws may prescribe additional qualifications and limitations in respect of membership, provided that ownership of shares of stock, if any are authorized, shall not be a condition of membership in the cooperative.
(2) In case the issuance of shares of stock is provided for in the articles of incorporation, ownership thereof shall be evidenced by share certificates. No share of stock shall be issued except for cash, or for property at its fair value, in an amount equal to the par value of such share of stock.
(3) Membership and share certificates shall contain such provisions, consistent with KRS § 279.310 to KRS § 279.600 and the articles of incorporation of the cooperative, as shall be prescribed by its bylaws.
(4) No member or shareholder shall be liable or responsible for any debts of the cooperative and the property of the members and shareholders shall not be subject to execution therefor except as the member or shareholder may become personally liable by reason of his or her own acts or conduct.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 48, effective July 15, 2010. — Created
1950 Ky. Acts ch. 147, sec. 9, effective March 25, 1950.
(2) In case the issuance of shares of stock is provided for in the articles of incorporation, ownership thereof shall be evidenced by share certificates. No share of stock shall be issued except for cash, or for property at its fair value, in an amount equal to the par value of such share of stock.
Terms Used In Kentucky Statutes 279.390
- Cooperative: means any corporation organized under KRS §. See Kentucky Statutes 279.310
- Member: means and includes each person signing the articles of incorporation of a corporation formed under this chapter, each person later admitted to membership according to law or according to the articles of incorporation or bylaws of the corporation, and each common stockholder in a corporation organized under this chapter that has capital stock. See Kentucky Statutes 279.010
- Person: means any natural person, firm, association, corporation, business trust, or partnership. See Kentucky Statutes 279.310
- telephone service: shall include in its meaning communications services of all kinds allowed to any other telephone utility, authorized by regulatory agency and with some unregulated, that being the transmission of voice, data, sounds, signals, pictures, writing, or signs of all kinds, by use of wire, radio, light, electromagnetic impulse, broadband (wideband) spectrum, or any other transmission mode and facility used in rendition of such services. See Kentucky Statutes 279.310
(3) Membership and share certificates shall contain such provisions, consistent with KRS § 279.310 to KRS § 279.600 and the articles of incorporation of the cooperative, as shall be prescribed by its bylaws.
(4) No member or shareholder shall be liable or responsible for any debts of the cooperative and the property of the members and shareholders shall not be subject to execution therefor except as the member or shareholder may become personally liable by reason of his or her own acts or conduct.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 48, effective July 15, 2010. — Created
1950 Ky. Acts ch. 147, sec. 9, effective March 25, 1950.