Kentucky Statutes 173.060 – Meetings of board — Incurring of liabilities
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The board shall meet at least once each month for the transaction of its business. A majority of the board shall constitute a quorum, but no appropriation of money, except for ordinary or current expenditures, shall be made without the affirmative vote of a majority of its members. Except for the purpose of erecting the library building, the board of trustees shall not incur liabilities for any current year in excess of its annual income, including gifts and donations and unexpended balances from previous years.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2801b-4.
Effective: October 1, 1942
Terms Used In Kentucky Statutes 173.060
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Month: means calendar month. See Kentucky Statutes 446.010
- Quorum: The number of legislators that must be present to do business.
- Year: means calendar year. See Kentucky Statutes 446.010
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 2801b-4.