Kentucky Statutes 274.027 – Qualifications of officers and members of board — Voting
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(1) Not less than one-half (1/2) of the directors of a professional service corporation and all the officers other than the secretary and the treasurer shall be qualified persons with respect to the corporation.
(2) Those members of the board of directors of a professional service corporation not qualified within the meaning of KRS § 274.015 shall abstain from voting on measures before the board which deal exclusively with the art of the professional service or services rendered as opposed to measures relating to the general business operation of the corporation.
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 288, sec. 5, effective July 15, 1980.
(2) Those members of the board of directors of a professional service corporation not qualified within the meaning of KRS § 274.015 shall abstain from voting on measures before the board which deal exclusively with the art of the professional service or services rendered as opposed to measures relating to the general business operation of the corporation.
Terms Used In Kentucky Statutes 274.027
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
Effective: July 15, 1980
History: Created 1980 Ky. Acts ch. 288, sec. 5, effective July 15, 1980.