KRS 272A.15-030: Notice and action in asset disposition.

For a limited cooperative association to dispose of assets under KRS 272A.15-020:

(1) A majority of the board of directors, or a greater percentage if required by the

organic rules, shall approve the proposed disposition; and

(2) The board of directors sha ll call a members meeting to consider the proposed

disposition, hold the meeting not later than ninety (90) days after approval of the

proposed disposition by the board, and mail or otherwise transmit or deliver in a

record to each member:

(a) The terms of the proposed disposition;

(b) A recommendation that the members approve the disposition, or if the board

determines that because of conflict of interest or other special circumstances it

should not make a favorable recommendation, the basis for that

determination;

(c) A statement of any condition of the board's submission of the proposed

disposition to the members; and

(d) Notice of the meeting at which the proposed disposition will be considered,

which shall be given in the same manner as notice of a spec ial meeting of

members.