Kentucky Statutes 155.110 – Powers of members and stockholders — Voting
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(1) The stockholders and members of the corporation shall have the following powers of the corporation:
(a) To determine the number of and elect directors as provided in KRS § 155.130; (b) To make, amend and repeal bylaws;
(c) To amend its articles of incorporation as provided in KRS § 155.120;
(d) To exercise such other of the powers of the corporation as may be conferred on the stockholders and the members by the bylaws.
(2) As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and, except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting are entitled, and the affirmative vote of a majority of the votes to which the members present or represented at the meeting are entitled.
(3) Each stockholder shall have one (1) vote, in person or by proxy, for each share of capital stock held by him, and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under paragraph (c) of subsection (2) of KRS § 155.080.
Effective: March 21, 1960
History: Created 1960 Ky. Acts ch. 73, sec. 11, effective March 21, 1960.
(a) To determine the number of and elect directors as provided in KRS § 155.130; (b) To make, amend and repeal bylaws;
Terms Used In Kentucky Statutes 155.110
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
(c) To amend its articles of incorporation as provided in KRS § 155.120;
(d) To exercise such other of the powers of the corporation as may be conferred on the stockholders and the members by the bylaws.
(2) As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and, except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting are entitled, and the affirmative vote of a majority of the votes to which the members present or represented at the meeting are entitled.
(3) Each stockholder shall have one (1) vote, in person or by proxy, for each share of capital stock held by him, and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under paragraph (c) of subsection (2) of KRS § 155.080.
Effective: March 21, 1960
History: Created 1960 Ky. Acts ch. 73, sec. 11, effective March 21, 1960.