KRS 272A.1-040: Nature of limited cooperative association.

(1) A limited cooperative association organized under this chapter is an autonomous,

unincorporated association of persons united to meet their mutual interests through

a jointly owned enterprise primarily controlled by those persons, which permits

combining:

(a) Ownership, financing, and receipt of benefits by the members for whose

interests the association is formed; and

(b) Separate investments in the association by members who may receive returns

on their investments and a share of control.

(2) The fact that a limited cooperative association does not have one (1) or more of the

characteristics described in subsection (1) of this section does not alone prevent the

association from being formed under and governed by this chapter, nor does it alone

provide a basis for an action against the association.