Kentucky Statutes 272A.15-010 – Disposition of assets not requiring member approval
Current as of: 2024 | Check for updates
|
Other versions
Unless the articles of association otherwise provide, member approval under KRS
272A.15-020 is not required for a limited cooperative association to:
(1) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or
(2) Mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association, whether or not in the usual and regular course of business.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 106, effective July 12, 2012.
272A.15-020 is not required for a limited cooperative association to:
Terms Used In Kentucky Statutes 272A.15-010
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(1) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or
(2) Mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association, whether or not in the usual and regular course of business.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 106, effective July 12, 2012.