KRS 272A.3-020: Organization of limited cooperative association.

(1) After a limited cooperative association is formed:

(a) If initial directors are named in the articles of association, the initial directors

shall hold an organizational meeting to adopt initial bylaws and carry on any

other business necessary or proper to complete the organization of the

association; or

(b) If initial directors are not named in the articles of association, the organizers

shall designate the initial directors and call a meeting of the initial directors to

adopt initial bylaws and carry on an y other business necessary or proper to

complete the organization of the association.

(2) Before the beginning of the initial meeting of the board of directors, an organizer

who knows that information in the filed articles of association was inaccurate whe n

the articles were filed or has become inaccurate due to changed circumstances shall

promptly:

(a) Cause the articles to be corrected as provided in KRS 14A.2-090; or

(b) Deliver an amendment to the Secretary of State for filing pursuant to KRS

272A.4-070.

(3) Unless the articles of association otherwise provide, the initial directors may cause

the limited cooperative association to accept members, including those necessary

for the association to begin business.

(4) Initial directors need not be members.

(5) An initial director serves until a successor is elected and qualified at a members

meeting or the director is removed, resigns, is adjudged incompetent, or dies.