Kentucky Statutes 272A.1-040 – Nature of limited cooperative association
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(1) A limited cooperative association organized under this chapter is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, which permits combining:
(a) Ownership, financing, and receipt of benefits by the members for whose interests the association is formed; and
(b) Separate investments in the association by members who may receive returns on their investments and a share of control.
(2) The fact that a limited cooperative association does not have one (1) or more of the characteristics described in subsection (1) of this section does not alone prevent the association from being formed under and governed by this chapter, nor does it alone provide a basis for an action against the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 4, effective July 12, 2012.
(a) Ownership, financing, and receipt of benefits by the members for whose interests the association is formed; and
Terms Used In Kentucky Statutes 272A.1-040
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
(b) Separate investments in the association by members who may receive returns on their investments and a share of control.
(2) The fact that a limited cooperative association does not have one (1) or more of the characteristics described in subsection (1) of this section does not alone prevent the association from being formed under and governed by this chapter, nor does it alone provide a basis for an action against the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 4, effective July 12, 2012.