KRS 272A.15-040: Disposition of assets.

(1) Subject to subsection (2) of this section, a disposition of assets under KRS

272A.15-020 shall be approved by:

(a) At least two-thirds (2/3) of the voting power of members present at a members

meeting called under KRS 272A.15-030(2); and

(b) If the limited cooperative association has investor members, at least a majority

of the votes cast by patron members, unless the organic rules require a greater

percentage vote by patron members.

(2) The organic rules may require that the percentage of votes under subse ction (1)(a)

of this section is:

(a) A different percentage that is not less than a majority of members voting at the

meeting;

(b) Measured against the voting power of all members; or

(c) A combination of paragraphs (a) and (b) of this subsection.

(3) Subject to any contractual obligations, after a disposition of assets is approved and

at any time before the consummation of the disposition, a limited cooperative

association may approve an amendment to the contract for disposition or the

resolution authorizing the disposition or approve abandonment of the disposition:

(a) As provided in the contract or the resolution; and

(b) Except as prohibited by the resolution, with the same affirmative vote of the

board of directors and of the members as was required to approve the

disposition.

(4) The voting requirements for districts, classes, or voting groups under KRS 272A.4 -

040 apply to approval of a disposition of assets under this subchapter.