KRS 272A.8-030: Director qualifications.

(1) Unless the organic rules otherwise provide, and subject to subsection (3) of this

section, each director of a limited cooperative association shall be an individual

who is a member of the association or an individual who is designated by an entity

member for purposes of qualifying and serving as a director. Initial directors need

not be members.

(2) Unless the organic rules otherwise provide, a director may be an officer or

employee of the limited cooperative association.

(3) If the organic rules provide fo r nonmember directors, the number of nonmember

directors may not exceed:

(a) One (1), if there are two (2) through four (4) directors;

(b) Two (2), if there are five (5) through eight (8) directors; or

(c) One-third (1/3) of the total number of directors i f there are at least nine (9)

directors.

(4) The organic rules may provide qualifications for directors in addition to those in

this section.