Kentucky Statutes 271B.17-050 – Acceleration and applicability of effective date
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(1) On January 1, 1989, and thereafter, this chapter shall apply to all domestic corporations in existence on the effective date that were incorporated under the present statutes or any prior law and those incorporated on or after January 1, 1989, to the extent provided in KRS § 271B.17-010.
(2) Before January 1, 1989, the provisions of this chapter shall not apply to any domestic corporation except in accordance with the following:
(a) The corporation‘s board of directors may adopt a resolution electing to have the provisions of this chapter (except for KRS § 271B.1-220, 271B.2-010,
271B.2-030 to 271B.2-070, 271B.3-010 and 271B.16-220) apply to the corporation.
(b) The resolution shall specify a date (after July 15, 1988, and before January 1,
1989) on and after which the provisions will apply to the corporation.
(c) The resolution shall be filed in the office of the Secretary of State before the date specified in subsection (2)(b) of this section.
(3) The provisions of this chapter (except for KRS § 271B.1-220, 271B.2-010, 271B.2-
030 to 271B.2-070, 271B.3-010 and 271B.16-220) apply to each domestic corporation that complies with all the conditions prescribed in subsection (2) of this section. In addition, such a corporation shall continue to comply with the requirements of KRS § 271A.396, 271A.397, 271A.398, 271A.399, 271A.615,
271A.620, 271A.625, 271A.630, and 271A.635 until January 1, 1989, but it is not subject to the provisions of KRS § 271A.010 to KRS § 271A.395; KRS § 271A.400 to
271A.610; and KRS § 271A.640 to KRS § 271A.675.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 194, effective January 1, 1989.
(2) Before January 1, 1989, the provisions of this chapter shall not apply to any domestic corporation except in accordance with the following:
Terms Used In Kentucky Statutes 271B.17-050
- 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
- Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
- domestic corporation: means a corporation for profit, which is not a foreign corporation, incorporated under or subject to the provisions of this chapter, and includes a professional service corporation and a public benefit corporation. See Kentucky Statutes 271B.1-400
- Secretary: means the corporate officer to whom the board of directors has delegated responsibility under KRS §. See Kentucky Statutes 271B.1-400
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(a) The corporation‘s board of directors may adopt a resolution electing to have the provisions of this chapter (except for KRS § 271B.1-220, 271B.2-010,
271B.2-030 to 271B.2-070, 271B.3-010 and 271B.16-220) apply to the corporation.
(b) The resolution shall specify a date (after July 15, 1988, and before January 1,
1989) on and after which the provisions will apply to the corporation.
(c) The resolution shall be filed in the office of the Secretary of State before the date specified in subsection (2)(b) of this section.
(3) The provisions of this chapter (except for KRS § 271B.1-220, 271B.2-010, 271B.2-
030 to 271B.2-070, 271B.3-010 and 271B.16-220) apply to each domestic corporation that complies with all the conditions prescribed in subsection (2) of this section. In addition, such a corporation shall continue to comply with the requirements of KRS § 271A.396, 271A.397, 271A.398, 271A.399, 271A.615,
271A.620, 271A.625, 271A.630, and 271A.635 until January 1, 1989, but it is not subject to the provisions of KRS § 271A.010 to KRS § 271A.395; KRS § 271A.400 to
271A.610; and KRS § 271A.640 to KRS § 271A.675.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 194, effective January 1, 1989.