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KRS 272A.15-010

Disposition of assets not requiring member approval

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

Unless the articles of association otherwise provide, member approval under KRS 272A.15-020 is not required for a limited cooperative association to:

(1) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or (2) Mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association, whether or not in the usual and regular course of business.

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