Kentucky Statutes 272A.5-040 – Right of member to information
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(1) Not later than ten (10) business days after receipt of a demand made in a record, a limited cooperative association shall permit a member to obtain, inspect, and copy in the association’s principal office required information listed in KRS § 272A.1-
120(1)(a) to (h) during regular business hours. A member need not have any particular purpose for seeking the information. The association is not required to provide the same information listed in KRS § 272A.1-120(1)(b) to (h) to the same member more than once during a six (6) month period.
(2) On demand made in a record received by the limited cooperative association, a member may obtain, inspect, and copy in the association’s principal office required information listed in KRS § 272A.1-120(1)(i), (j), (l), (m), (p), and (r) during regular business hours, if:
(a) The member seeks the information in good faith and for a proper purpose reasonably related to the member’s interest;
(b) The demand includes a description with reasonable particularity of the information sought and the purpose for seeking the information;
(c) The information sought is directly connected to the member’s purpose; and
(d) The demand is reasonable.
(3) Not later than ten (10) business days after receipt of a demand pursuant to subsection (2) of this section, a limited cooperative association shall provide, in a record, the following information to the member that made the demand:
(a) If the association agrees to provide the demanded information:
1. What information the association will provide in response to the demand; and
2. A reasonable time and place at which the association will provide the information; or
(b) If the association declines to provide some or all of the demanded information, the association’s reasons for declining.
(4) A person dissociated as a member may obtain, inspect, and copy information available to a member under subsection (1) or (2) of this section by delivering a demand in a record to the limited cooperative association in the same manner and subject to the same conditions applicable to a member under subsection (2) of this section if:
(a) The information pertains to the period during which the person was a member in the association; and
(b) The person seeks the information in good faith.
(5) A limited cooperative association shall respond to a demand made pursuant to subsection (4) of this section in the manner provided in subsection (3) of this section.
(6) Not later than ten (10) business days after receipt by a limited cooperative association of a demand made by a member in a record, but not more often than once in a six (6) month period, the association shall deliver to the member a record
stating the information with respect to the member required by KRS § 272A.1-
120(1)(q).
(7) A limited cooperative association may impose reasonable restrictions, including nondisclosure restrictions, on the use of information obtained under this section. Except as to limitations set forth in organic rules to which a member requesting inspection has assented, in a dispute concerning the reasonableness of a restriction under this subsection, the association has the burden of proving reasonableness.
(8) A limited cooperative association may charge a person that makes a demand under this section the reasonable costs of copying, limited to the costs of labor and material.
(9) A person that may obtain information under this section may obtain the information through an attorney or other agent. A restriction imposed on the person under subsection (7) of this section or by the organic rules applies to the attorney or other agent.
(10) The rights stated in this section do not extend to a person as transferee.
(11) The organic rules may require a limited cooperative association to provide more information than required by this section, and the organic rules may establish conditions and procedures for providing the information.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 33, effective July 12, 2012.
Legislative Research Commission Note (7/12/2012). The reference to “paragraph (q) of subsection (1)(a) of Section 12” in subsection (6) of 2012 Ky. Acts ch. 160, sec. 33, has been changed in codification to “KRS § 272A.1-120(1)(q).” This manifest clerical or typographical error has been corrected by the Reviser of Statutes under the authority of KRS § 7.136(1).
120(1)(a) to (h) during regular business hours. A member need not have any particular purpose for seeking the information. The association is not required to provide the same information listed in KRS § 272A.1-120(1)(b) to (h) to the same member more than once during a six (6) month period.
Terms Used In Kentucky Statutes 272A.5-040
- Attorney: means attorney-at-law. 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
- 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
- Month: means calendar month. See Kentucky Statutes 446.010
- Principal office: means the principal executive office of a limited cooperative association or foreign cooperative, whether or not in this state. See Kentucky Statutes 272A.1-020
- Required information: means the information a limited cooperative association is required to maintain under KRS §. See Kentucky Statutes 272A.1-020
(2) On demand made in a record received by the limited cooperative association, a member may obtain, inspect, and copy in the association’s principal office required information listed in KRS § 272A.1-120(1)(i), (j), (l), (m), (p), and (r) during regular business hours, if:
(a) The member seeks the information in good faith and for a proper purpose reasonably related to the member’s interest;
(b) The demand includes a description with reasonable particularity of the information sought and the purpose for seeking the information;
(c) The information sought is directly connected to the member’s purpose; and
(d) The demand is reasonable.
(3) Not later than ten (10) business days after receipt of a demand pursuant to subsection (2) of this section, a limited cooperative association shall provide, in a record, the following information to the member that made the demand:
(a) If the association agrees to provide the demanded information:
1. What information the association will provide in response to the demand; and
2. A reasonable time and place at which the association will provide the information; or
(b) If the association declines to provide some or all of the demanded information, the association’s reasons for declining.
(4) A person dissociated as a member may obtain, inspect, and copy information available to a member under subsection (1) or (2) of this section by delivering a demand in a record to the limited cooperative association in the same manner and subject to the same conditions applicable to a member under subsection (2) of this section if:
(a) The information pertains to the period during which the person was a member in the association; and
(b) The person seeks the information in good faith.
(5) A limited cooperative association shall respond to a demand made pursuant to subsection (4) of this section in the manner provided in subsection (3) of this section.
(6) Not later than ten (10) business days after receipt by a limited cooperative association of a demand made by a member in a record, but not more often than once in a six (6) month period, the association shall deliver to the member a record
stating the information with respect to the member required by KRS § 272A.1-
120(1)(q).
(7) A limited cooperative association may impose reasonable restrictions, including nondisclosure restrictions, on the use of information obtained under this section. Except as to limitations set forth in organic rules to which a member requesting inspection has assented, in a dispute concerning the reasonableness of a restriction under this subsection, the association has the burden of proving reasonableness.
(8) A limited cooperative association may charge a person that makes a demand under this section the reasonable costs of copying, limited to the costs of labor and material.
(9) A person that may obtain information under this section may obtain the information through an attorney or other agent. A restriction imposed on the person under subsection (7) of this section or by the organic rules applies to the attorney or other agent.
(10) The rights stated in this section do not extend to a person as transferee.
(11) The organic rules may require a limited cooperative association to provide more information than required by this section, and the organic rules may establish conditions and procedures for providing the information.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 33, effective July 12, 2012.
Legislative Research Commission Note (7/12/2012). The reference to “paragraph (q) of subsection (1)(a) of Section 12” in subsection (6) of 2012 Ky. Acts ch. 160, sec. 33, has been changed in codification to “KRS § 272A.1-120(1)(q).” This manifest clerical or typographical error has been corrected by the Reviser of Statutes under the authority of KRS § 7.136(1).