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KRS 272A.1-130

Dual capacity -- Business transactions of member with limited cooperative association

Known as the Kentucky Uniform Limited Cooperative Association Act

The act spans §§ 272A.10-010 to 272A.9-010 (123 sections).

Effective: July 12, 2012 History: Created 2012 Ky

(1) A person may have a patron member's interest and an investor member's interest.

(2) When a person acts as a patron member, the person is subject to this chapter and the organic rules governing patron members.

(3) When a person acts as an investor member, the person is subject to this chapter and the organic rules governing investor members.

(4) Subject to KRS 272A.8-180 and 272A.8-190 and except as otherwise provided in the organic rules or a specific contract relating to a transaction, a member may lend money to and transact other business with a limited cooperative association in the same manner as a person that is not a member.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.