Kentucky Statutes 272A.8-170 – Committees
Current as of: 2024 | Check for updates
|
Other versions
(1) Unless the organic rules otherwise provide, a board of directors may create one (1) or more committees and appoint one (1) or more individuals to serve on a committee.
(2) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director or member.
(3) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee.
(4) Unless the organic rules otherwise provide, each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not:
(a) Approve allocations or distributions, except according to a formula or method prescribed by the board of directors;
(b) Approve or propose to the members action requiring approval of the members; or
(c) Fill vacancies on the board of directors or any of its committees.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 70, effective July 12, 2012.
(2) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director or member.
Terms Used In Kentucky Statutes 272A.8-170
- Action: includes all proceedings in any court of this state. 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
- 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
- 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) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee.
(4) Unless the organic rules otherwise provide, each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not:
(a) Approve allocations or distributions, except according to a formula or method prescribed by the board of directors;
(b) Approve or propose to the members action requiring approval of the members; or
(c) Fill vacancies on the board of directors or any of its committees.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 70, effective July 12, 2012.