Kentucky Statutes 272A.6-020 – Patron and investor members’ interests
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(1) Unless the organic rules establish investor members’ interests, a member‘s interest is a patron member‘s interest.
(2) Unless the organic rules otherwise provide, if a limited cooperative association has investor members, while a person is a member of the association, the person:
(a) If admitted as a patron member, remains a patron member;
(b) If admitted as an investor member, remains an investor member; and
(c) If admitted as a patron member and investor member, remains a patron and investor member if not dissociated in one (1) of the capacities.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 46, effective July 12, 2012.
(2) Unless the organic rules otherwise provide, if a limited cooperative association has investor members, while a person is a member of the association, the person:
Terms Used In Kentucky Statutes 272A.6-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Investor member: means a member that has made a contribution to a limited cooperative association and:
(a) Is not required by the organic rules to conduct patronage with the association in the member's capacity as an investor member in order to receive the member's interest. 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
(a) If admitted as a patron member, remains a patron member;
(b) If admitted as an investor member, remains an investor member; and
(c) If admitted as a patron member and investor member, remains a patron and investor member if not dissociated in one (1) of the capacities.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 46, effective July 12, 2012.