Terms Used In Kentucky Statutes > Chapter 272A > Subchapter 1 - General Provisions

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• Administrative body: means each state board, bureau, cabinet, commission, department, authority, officer, or other entity, except the General Assembly and the Court of Justice, authorized by law to promulgate administrative regulations. See Kentucky Statutes 13A.010
• Administrative regulation: means each statement of general applicability promulgated by an administrative body that implements, interprets, or prescribes law or policy, or describes the organization, procedure, or practice requirements of any administrative body. See Kentucky Statutes 13A.010
• Adopted: means that an administrative regulation has become effective in accordance with the provisions of this chapter. See Kentucky Statutes 13A.010
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bylaws: means the bylaws of a limited cooperative association. See Kentucky Statutes 272A.1-020
• Commission: means the Legislative Research Commission. See Kentucky Statutes 13A.010
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Conference committee: A temporary, ad hoc panel composed of conferees from both chamber of a legislature which is formed for the purpose of reconciling differences in legislation that has passed both chambers. Conference committees are usually convened to resolve bicameral differences on major and controversial legislation.
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Financial rights: means the right to participate in allocations and distributions as provided in Subchapters 10 and 12 of this chapter, but does not include rights or obligations under a marketing contract governed by Subchapter 7 of this chapter. See Kentucky Statutes 272A.1-020
• Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Foreign cooperative: means an entity organized in a jurisdiction other than this
  Commonwealth under a law similar to this chapter. See Kentucky Statutes 272A.1-020
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Investor member: means a member that has made a contribution to a limited cooperative association and:
  (a) Is not required by the organic rules to conduct patronage with the association in the member's capacity as an investor member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative committee: means an interim joint committee, a House or Senate standing committee, a statutory committee, or a subcommittee of the Legislative Research Commission. See Kentucky Statutes 13A.010
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Members meeting: means an annual members meeting or special meeting of members. See Kentucky Statutes 272A.1-020
• Month: means calendar month. See Kentucky Statutes 446.010
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Organic law: means the statute providing for the creation of an entity or principally governing its internal affairs. See Kentucky Statutes 272A.1-020
• Patron member: means a member that has made a contribution to a limited cooperative association and:
  (a) Is required by the organic rules to conduct patronage with the association in the member's capacity as a patron member in order to receive the member's interest. See Kentucky Statutes 272A.1-020
• Patronage: means business transactions between a limited cooperative association and a person which entitle the person to receive financial rights based on the value or quantity of business done between the association and the person. See Kentucky Statutes 272A.1-020
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Principal office: means the principal executive office of a limited cooperative association or foreign cooperative, whether or not in this state. See Kentucky Statutes 272A.1-020
• promulgated: means that an administrative regulation, or other document required to be filed by this chapter, has been submitted to the Commission in accordance with this chapter. See Kentucky Statutes 13A.010
• Proposed administrative regulation: means an administrative regulation that: (a) Has been filed by an administrative body. See Kentucky Statutes 13A.010
• Quorum: The number of legislators that must be present to do business.
• Secretary: means the officer designated pursuant to KRS §. See Kentucky Statutes 272A.1-020
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 272A.1-020
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Statement of consideration: means the document required by KRS §. See Kentucky Statutes 13A.010
• Statute: A law passed by a legislature.
• Tiering: means the tailoring of regulatory requirements to fit the particular circumstances surrounding regulated entities. See Kentucky Statutes 13A.010
• Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law. See Kentucky Statutes 272A.1-020
• Voting group: means any combination of one (1) or more voting members in one (1) or more districts or classes that under the organic rules or under this chapter are entitled to vote and can be counted together collectively on a matter at a members meeting. See Kentucky Statutes 272A.1-020