{"data":{"id":"us-ky/krs-175.430","jurisdiction":"us-ky","citation":"KRS 175.430","heading":"Turnpike Authority of Kentucky -- Composition -- Meetings -- Quorum --","body":"Corporate character.\n(1) The Governor, the Lieutenant Governor, the secretary of finance and administration,\nthe State Highway Engineer, the secretary of economic development, the secretary\nof transportation, and the Attorney General, and their respective successors in\noffice, shall be a body corporate and politic constituting a public corporation and\ngovernmental agency and instrumentality of the Commonwealth by the name of\n\"The Turnpike Authority of Kentucky,\" with perpetual succession and with power\nin that name to contract and be contracted with, sue and be sued, have and use a\ncorporate seal, and exercise, in addition to the powers and functions specifically\nstated in this chapt er, all of the usual powers of private corporations to the extent\nthat the same are not inconsistent with specifically enumerated powers.\n(2) The members of the authority shall receive no compensation for their services in\nthat capacity, but shall be entit led to reimbursement for all reasonable expenses\nnecessarily incurred in connection with performance of their duties and functions as\nsuch members.\n(3) Four (4) members of the authority shall constitute a quorum for the transaction of\nbusiness, and in the absence of a quorum, one (1) or more members may adjourn\nfrom time to time until a quorum is convened. Each member may designate in\nwriting a proxy for the transaction of business.  Within ninety (90) days from March\n25, 1960, the authority shall convene and organize. The Governor shall, by virtue of\nhis office, be the chairman of the authority and the Lieutenant Governor shall in like\nmanner be the vice chairman. The authority shall elect a secretary and a treasurer\nwho shall not be members of the authority, each of whom shall serve at the pleasure\nof the authority and shall receive such compensation as may be determined by the\nauthority with approval of the secretary of the Personnel Cabinet to be paid from the\nbudgeted funds of the cabinet. The Treasurer shall give bond to the authority and\nthe Commonwealth conditioned upon his faithful accounting for all funds coming\ninto his custody from time to time, the same to be in such amount as the authority\nmay prescribe, with corporate surety given by a surety co mpany qualified to do\nbusiness in the Commonwealth, premium therefor to be paid by the authority. The\nauthority shall establish and maintain an office in premises which shall be provided\nfor that purpose by the Finance and Administration Cabinet without co st to the\nauthority; and the secretary of the authority shall at all times maintain therein\ncomplete records of all of the authority's actions and proceedings, which shall\nconstitute public records open to inspection at reasonable times.","path":["KRS Chapter 175"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=5073","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:25Z","sha256":"e99deaaa3bd547d421f89cb1910bfb2eef3326c2dd2b29c2e78f5ef1819e1693","source_id":"us-ky","stale":false,"prev":"us-ky/krs-175.425","next":"us-ky/krs-175.440"},"notice":"GroundRules: Original legal text. Not legal advice."}