KRS 272A.3-030: Bylaws.

(1) Bylaws shall be in a record and, if not stated in the articles of association, shall

include:

(a) A statement of the capital structure of the limited cooperative association,

including:

1. The classes or other types of members' interests and relative right s,

preferences, and restrictions granted to or imposed upon each class or

other type of member's interest; and

2. The rights to share in profits or distributions of the association;

(b) A statement of the method for admission of members;

(c) A statement de signating voting and other governance rights, including which

members have voting power and any restriction on voting power;

(d) A statement that a member's interest is transferable if it is to be transferable,

and a statement of the conditions upon which it may be transferred;

(e) A statement concerning the manner in which profits and losses are allocated

and distributions are made among patron members and, if investor members

are authorized, the manner in which profits and losses are allocated and how

distributions are made among investor members and between patron members

and investor members;

(f) A statement concerning:

1. Whether persons that are not members but conduct business with the

association may be permitted to share in allocations of profits an d losses

and receive distributions; and

2. The manner in which profits and losses are allocated and distributions

are made with respect to those persons; and

(g) A statement of the number and terms of directors or the method by which the

number and terms are determined.

(2) Subject to KRS 272A.1-110 and the articles of association, bylaws may contain any

other provision for managing and regulating the affairs of the association.

(3) In addition to amendments permitted under Subchapter 4 of this chapter, the initial

board of directors may amend the bylaws by a majority vote of the directors at any

time before the admission of members.