Kentucky Statutes 272A.8-030 – Director qualifications
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(1) Unless the organic rules otherwise provide, and subject to subsection (3) of this section, each director of a limited cooperative association shall be an individual who is a member of the association or an individual who is designated by an entity member for purposes of qualifying and serving as a director. Initial directors need not be members.
(2) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.
(3) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(a) One (1), if there are two (2) through four (4) directors;
(b) Two (2), if there are five (5) through eight (8) directors; or
(c) One-third (1/3) of the total number of directors if there are at least nine (9)
directors.
(4) The organic rules may provide qualifications for directors in addition to those in this section.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 56, effective July 12, 2012.
(2) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.
Terms Used In Kentucky Statutes 272A.8-030
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Director: means a director of a limited cooperative association. See Kentucky Statutes 272A.1-020
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Entity: means an entity or a foreign entity, both as defined in KRS §. 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
(3) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(a) One (1), if there are two (2) through four (4) directors;
(b) Two (2), if there are five (5) through eight (8) directors; or
(c) One-third (1/3) of the total number of directors if there are at least nine (9)
directors.
(4) The organic rules may provide qualifications for directors in addition to those in this section.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 56, effective July 12, 2012.