Kentucky Statutes 99.100 – Organization of redevelopment corporation — Articles
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(1) At any time within twenty (20) years of June 1, 1942, three (3) or more persons may form a redevelopment corporation on making, subscribing, acknowledging and filing articles of incorporation and obtaining a certificate or charter pursuant to the general corporation law, which charter shall be entitled and indorsed “Certificate or Charter of Incorporation of …. Redevelopment Corporation,” the blank space being filled in with the remainder of the name of the corporation. Such articles of incorporation shall contain the provisions required in, and may contain any provisions consistent with the provisions of KRS § 99.010 to KRS § 99.310 permitted in, articles of incorporation filed pursuant to the general corporation law, except that:
(a) Included among the purposes for which the corporation is formed shall be the formulation, obtaining the approval of, and putting into effect of a development plan, the acquisition of real property in a development area, and the construction, maintenance and operation of a development pursuant to KRS § 99.010 to KRS § 99.310;
(b) The duration of the corporation shall not be less than twenty (20) years; and
(c) The certificate or charter shall contain a declaration that the redevelopment corporation has been organized to serve a public purpose, and that it shall be subject to supervision and control as provided in KRS § 99.010 to KRS § 99.310.
(2) A copy of such articles of incorporation shall be filed with the planning commission and the supervising agency having jurisdiction within thirty (30) days of its being filed in the office of the Secretary of State.
Effective: June 2, 1942
History: Created 1942 Ky. Acts ch. 36, sec. 5.
(a) Included among the purposes for which the corporation is formed shall be the formulation, obtaining the approval of, and putting into effect of a development plan, the acquisition of real property in a development area, and the construction, maintenance and operation of a development pursuant to KRS § 99.010 to KRS § 99.310;
Terms Used In Kentucky Statutes 99.100
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) The duration of the corporation shall not be less than twenty (20) years; and
(c) The certificate or charter shall contain a declaration that the redevelopment corporation has been organized to serve a public purpose, and that it shall be subject to supervision and control as provided in KRS § 99.010 to KRS § 99.310.
(2) A copy of such articles of incorporation shall be filed with the planning commission and the supervising agency having jurisdiction within thirty (30) days of its being filed in the office of the Secretary of State.
Effective: June 2, 1942
History: Created 1942 Ky. Acts ch. 36, sec. 5.