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KRS 272A.5-120

Voting requirements for members

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

If a limited cooperative association has both patron and investor members, the following rules apply:

(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote;

(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:

(a) All members voting at the meeting unless more than a majority is required by Subchapter 4, 12, 15, or 16 of this chapter or the organic rules; and (b) Votes cast by patron members unless the organic rules require a larger affirmative vote by patron members; and (3) The organic rules may provide for the percentage of the affirmative votes that must be cast by investor members to approve the matter.

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