KRS 272A.16-030: Effect of conversion.

(1) A foreign entity that has been converted into a limited cooperative association is for

all purposes the same entity that existed before the conversion but, after conversion,

it is organized under this chapter and is subject to that law and other law as it

applies thereto.

(2) When a conversion takes effect:

(a) All property owned by the converting entity remains vested in the converted

entity;

(b) All debts, liabilities, and other obligations of the converting entity continue as

obligations of the converted entity;

(c) An action or proceeding pending by or against the converting entity may be

continued as if the conversion had not occurred;

(d) Except as prohibited by other law, all the rights, privileges, immunities,

powers, and purposes of the converting e ntity remain vested in the converted

entity;

(e) Except as otherwise provided in the plan of conversion, the terms and

conditions of the plan of conversion take effect; and

(f) Except as otherwise provided in the plan of conversion, the conversion does

not dissolve the converting entity.