Section 367.407 - Exemptions - ConditionsAny organization which is not organized for the profit of any person or corporation may file an application with the office of Attorney General to seek exemption from the provisions of KRS 367.397 to 367.403. The Attorney General shall grant an exemption to any applicant organization which:
(1) Is chartered or operated on a cooperative not-for-profit basis primarily for the benefit of its members who are the ultimate consumers of such goods, services, or facilities produced or furnished by the organization;(2) Makes such goods, services or facilities available to its members on a not-for-profit basis;(3) Allocates or distributes its net savings to all its members or patrons or retains net savings for the expansion of its services or for the reduction of charges to its patrons; and(4) Restricts its voting control to members on a one (1) vote per person basis.Effective:7/15/1982
Created 1982 Ky. Acts ch. 21, sec. 8, effective7/15/1982.