Terms Used In Kentucky Statutes 273A.075

• Fiduciary: A trustee, executor, or administrator.
• Governing principles: means the agreements, whether oral, in a record, or implied from its established practices, that govern the purpose or operation of an unincorporated nonprofit association and the rights and obligations of its members and manager. See Kentucky Statutes 273A.005
• Member: means a person that, under the governing principles, may participate in the selection of persons authorized to manage the affairs of the unincorporated nonprofit association or in the development of the policies and activities of the association. See Kentucky Statutes 273A.005
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Unincorporated nonprofit association: means an unincorporated organization consisting of two (2) or more members joined under an agreement that is oral, in a record, or implied from conduct, for one (1) or more common, nonprofit purposes. See Kentucky Statutes 273A.005