KRS 272A.17-040: Transition.

(1) This chapter does not limit, prohibit, or invalidate the existence, acts, or obligations

of any cooperative or association created or doing business in this Commonwealth

before, on, or after July 12, 2012.

(2) A cooperative or association formed under KRS Chapter 272, until or unless it

becomes a limited cooperative association under this chapter, shall be governed by

KRS Chapter 272.

(3) The enactment of this chapter shall not impair, or otherwise affect, the organization

or the continued existence of a cooperative association existing on July 12, 2012.

(4) This chapter governs only:

(a) A limited cooperative association formed on or after July 12, 2012; and

(b) A cooperative or association with shares which elects, in the manner provided

in its articles of incorporation or by law for amending the articles of

incorporation, to be subject to this chapter.

(5) A cooperative or association with shares formed under KRS Chapter 272 may elect

to become subject to this chapter by a consent sufficient to amend the a rticles of

incorporation. Thereafter the cooperative or association with shares shall file

amended and restated articles of association which comply with KRS 272A.3 -010

and that further set forth:

(a) The name of the cooperative or association with shares as set forth in its

articles of incorporation;

(b) The date of filing of its articles of incorporation;

(c) An affirmative election by the cooperative or association with shares to be

subject to this chapter; and

(d) An affirmative statement that the elect ion was approved as required by this

subsection.

(6) A cooperative, association, limited liability company or corporation formed in a

jurisdiction other than the Commonwealth of Kentucky may elect to be subject to

this chapter by a consent sufficient to am end its articles of incorporation, articles of

association, or equivalent filing under the laws of its jurisdiction of formation.

Thereafter, the foreign entity shall file amended and restated articles of association

which comply with KRS 272A.3-010 and further set forth:

(a) The name of the foreign entity;

(b) The previous jurisdiction of organization;

(c) An affirmative election by the foreign entity to be subject to this chapter; and

(d) A statement that the election to be governed by this chapter is effective under

the law and agreements governing the foreign entity prior to becoming subject

to this chapter.

(7) An election pursuant to subsection (5) or (6) of this section is effective up on the

effective time and date of the amended and restated articles of association as

provided in KRS 14A.2-070.