KRS 272A.1-020: Definitions.

As used in this chapter:

(1) "Appropriate court" means the Circuit Court for the county of the Commonwealth

in which the limited cooperative association's principal office is located or, if none,

the county in which the registered office is or was last located;

(2) "Articles of associ ation" means the articles of association of a limited cooperative

association required by KRS 272A.3-010. The term includes the articles as amended

or restated;

(3) "Board of directors" means the board of directors of a limited cooperative

association;

(4) "Bylaws" means the bylaws of a limited cooperative association. The term includes

the bylaws as amended or restated;

(5) "Certificate of authority" means a certificate issued by the Secretary of State

pursuant to KRS 14A.2-140;

(6) "Contribution," except as used in KRS 272A.10 -080(3), means a benefit that a

person provides to a limited cooperative association to become or remain a member

or in the person's capacity as a member;

(7) "Cooperative" means a limited cooperative association or an entity organize d under

any cooperative law of any jurisdiction;

(8) "Director" means a director of a limited cooperative association;

(9) "Distribution," except as used in KRS 272A.10 -070(5), means a transfer of money

or other property from a limited cooperative association to a member because of the

member's financial rights or to a transferee of a member's financial rights;

(10) "Entity" means an entity or a foreign entity, both as defined in KRS 14A.1-070;

(11) "Financial rights" means the right to participate in alloc ations and distributions as

provided in Subchapters 10 and 12 of this chapter, but does not include rights or

obligations under a marketing contract governed by Subchapter 7 of this chapter;

(12) "Foreign cooperative" means an entity organized in a jurisdi ction other than this

Commonwealth under a law similar to this chapter;

(13) "Governance rights" means the right to participate in governance of a limited

cooperative association;

(14) "Investor member" mea ns a member that has made a contribution to a limited

cooperative association and:

(a) Is not required by the organic rules to conduct patronage with the association

in the member's capacity as an investor member in order to receive the

member's interest; or

(b) Is not permitted by the organic rules to conduct patronage with the association

in the member's capacity as an investor member in order to receive the

member's interest;

(15) "Limited cooperative association" means an association organized under thi s

chapter;

(16) "Member" means a person that is admitted as a patron member or investor member,

or both, in a limited cooperative association. The term does not include a person

that has dissociated as a member;

(17) "Member's interest" means the interest of a patron member or investor member

under KRS 272A.6-010;

(18) "Members meeting" means an annual members meeting or special meeting of

members;

(19) "Organic law" means the statute providing for the creation of an entity or principally

governing its internal affairs;

(20) "Organic rules" means the articles of association and bylaws of a limited

cooperative association;

(21) "Organizer" means an individual who signs the initial articles of association;

(22) "Patron member" means a member that has made a co ntribution to a limited

cooperative association and:

(a) Is required by the organic rules to conduct patronage with the association in

the member's capacity as a patron member in order to receive the member's

interest; or

(b) Is permitted by the organic ru les to conduct patronage with the association in

the member's capacity as a patron member in order to receive the member's

interest;

(23) "Patronage" means business transactions between a limited cooperative association

and a person which entitle the perso n to receive financial rights based on the value

or quantity of business done between the association and the person;

(24) "Person" means an individual, entity, public corporation, government or

governmental subdivision, agency, or instrumentality, or any other legal or

commercial entity;

(25) "Principal office" means the principal executive office of a limited cooperative

association or foreign cooperative, whether or not in this state;

(26) "Record," used as a noun, means information that is inscribed on a tangible medium

or that is stored in an electronic or other medium and is retrievable in perceivable

form;

(27) "Required information" means the information a limited cooperative association is

required to maintain under KRS 272A.1-120;

(28) "Secretary" means the officer designated pursuant to KRS 272A.8-210(2);

(29) "Sign" means, with present intent to authenticate or adopt a record:

(a) To execute or adopt a tangible symbol; or

(b) To attach to or logically associate with the record an electronic symbol, sound,

or process;

(30) "State" means a state of the United States, the District of Columbia, Puerto Rico,

the United States Virgin Islands, or any territory or insular possession subject to the

jurisdiction of the United States;

(31) "Transfer" includes an assignment, conveyance, deed, bill of sale, lease, mortgage,

security interest, encumbrance, gift, and transfer by operation of law;

(32) "Voting group" means any combination of one (1) or more voting members in one

(1) or more districts or classes tha t under the organic rules or under this chapter are

entitled to vote and can be counted together collectively on a matter at a members

meeting;

(33) "Voting member" means a member that, under the organic law or organic rules, has

a right to vote on matters subject to vote by members under the organic law or

organic rules; and

(34) "Voting power" means the total current power of members to vote on a particular

matter for which a vote may or is to be taken.