Kentucky Statutes 272A.5-100 – Voting by patron members — Determination of voting power of patron member
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(1) Except as provided by subsections (2) and (3) of this section, each patron member has one (1) vote.
(2) The organic rules may allocate voting power among patron members on the basis of one (1) or a combination of the following:
(a) One (1) member, one (1) vote; (b) Use or patronage;
(c) Equity; or
(d) If a patron member is a cooperative, the number of its patron members.
(3) The organic rules may provide for the allocation of patron member voting power by districts or class, or any combination thereof.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 39, effective July 12, 2012.
(2) The organic rules may allocate voting power among patron members on the basis of one (1) or a combination of the following:
Terms Used In Kentucky Statutes 272A.5-100
- 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
- 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 - Patronage: means business transactions between a limited cooperative association and a person which entitle the person to receive financial rights based on the value or quantity of business done between the association and the person. See Kentucky Statutes 272A.1-020
- Voting power: means the total current power of members to vote on a particular matter for which a vote may or is to be taken. See Kentucky Statutes 272A.1-020
(a) One (1) member, one (1) vote; (b) Use or patronage;
(c) Equity; or
(d) If a patron member is a cooperative, the number of its patron members.
(3) The organic rules may provide for the allocation of patron member voting power by districts or class, or any combination thereof.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 39, effective July 12, 2012.