Ky. Rev. Stat. § 272A.15-030

Current through 2024 Ky. Acts ch.225

Section 272A.15-030 - Notice and action in asset disposition

For a limited cooperative association to dispose of assets under KRS 272A.15-020:

(1) A majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and

(2) The board of directors shall call a members meeting to consider the proposed disposition, hold the meeting not later than ninety (90) days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:

(a) The terms of the proposed disposition;

(b) A recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;

(c) A statement of any condition of the board's submission of the proposed disposition to the members; and

(d) Notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members.

KRS 272A.15-030

Added by 2012 Ky. Acts ch. 160,§ 108, eff. 7/11/2012.