KRS 272A.16-050: Notice of and action on plan of merger.

(1) For a limited cooperative association to merge with another entity, a plan of merger

shall be approved by a majority vote of the board of directors or a greater

percentage if required by the association's organic rules.

(2) The board of directors shall cal l a members meeting to consider a plan of merger

approved by the board, hold the meeting not later than ninety (90) days after

approval of the plan by the board, and mail or otherwise transmit or deliver in a

record to each member:

(a) The plan of merger, or a summary of the plan, and a statement of the manner

in which a copy of the plan in a record may be reasonably obtained by a

member;

(b) A recommendation that the members approve the plan of merger, 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 plan of merger

to the members; and

(d) Notice of the meeting at whic h the plan of merger will be considered, which

shall be given in the same manner as notice of a special meeting of members.