Kentucky Statutes 272A.12-020 – Nonjudicial dissolution
Current as of: 2024 | Check for updates
|
Other versions
Except as otherwise provided in KRS § 272A.12-030 and 272A.12-040, a limited cooperative association is dissolved and its activities shall be wound up:
(1) Upon the occurrence of an event or at a time specified in the articles of association; (2) Upon the action of the association’s organizers, board of directors, or members
under KRS § 272A.12-040 or 272A.12-050; or
(3) Ninety (90) days after the dissociation of a member, which results in the association having one (1) patron member and no other members, unless the association:
(a) Has a sole member that is a cooperative; or
(b) Not later than the end of the ninety (90) day period, admits at least one (1) member in accordance with the organic rules and has at least two (2) members, at least one (1) of which is a patron member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 89, effective July 12, 2012.
(1) Upon the occurrence of an event or at a time specified in the articles of association; (2) Upon the action of the association’s organizers, board of directors, or members
Terms Used In Kentucky Statutes 272A.12-020
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
- Patron member: means a member that has made a contribution to a limited cooperative association and:
(a) Is required by the organic rules to conduct patronage with the association in the member's capacity as a patron member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
under KRS § 272A.12-040 or 272A.12-050; or
(3) Ninety (90) days after the dissociation of a member, which results in the association having one (1) patron member and no other members, unless the association:
(a) Has a sole member that is a cooperative; or
(b) Not later than the end of the ninety (90) day period, admits at least one (1) member in accordance with the organic rules and has at least two (2) members, at least one (1) of which is a patron member.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 89, effective July 12, 2012.