{"data":{"id":"us-ky/krs-247.944","jurisdiction":"us-ky","citation":"KRS 247.944","heading":"Kentucky Agricultural Finance Corporation -- Board of directors --","body":"Executive director -- Quorum  -- Expenses.\n(1) There is hereby created and established the Kentucky Agricultural Finance\nCorporation which shall be attached to the Department of Agriculture.\n(2) The corporation is created and established as a de jure municipal corporation\nand  political subdivision of the  Commonwealth  to perform essential\ngovernmental and public functions and purposes in improving and otherwise\npromoting the health and general welfare of the people through the promotion\nof agriculture through the Commonwealth.\n(3) The corporation shall be governed by a board of directors consisting of twelve\n(12) members, ten (10) of whom  shall be appointed by the Commissioner. The\nother two (2) members  shall be the Commissioner, who  shall serve as\nchairperson, and the secretary of the Finance and Administration Cabinet. The\nCommissioner may designate a representative to serve as chairperson in the\nCommissioner's absence.\n(4) The Commissioner shall appoint ten (10) private members  of the board to take\noffice and to exercise all powers of the board immediately. The ten (10)\ndirectors of the corporation shall be appointed using staggered terms and shall\nbe subject to confirmation as provided in KRS 11.160(2). Of the ten (10) private\nmembers  of the board appointed by the Commissioner, two (2) may be officers\nfrom a commercial lending institution, one (1) may be an officer from a farm\ncredit association, one (1) may be an agricultural economist, one (1) shall be a\ntobacco farmer, one (1) shall be a cash grain farmer, one (1) shall be a\nlivestock farmer, one (1) shall be a dairy or poultry farmer, one (1) shall be a\nhorticultural farmer, and one (1) shall be from the equine industry. To promote\nefficient use of agricultural resources and coordination among  agricultural\nleaders, the Commissioner  shall appoint a member  from the Agricultural\nDevelopment  Board, who meets the qualifications for one (1) of the positions\nset out in this subsection, to one (1) of the ten (10) board positions governing\nthe Kentucky Agricultural Finance Corporation.\n(5) Upon  the expiration of the initial terms of the private members  of the board, the\nCommissioner shall appoint successors representing the same constituencies\nas the members  succeeded for a term of four (4) years in each case. In the\ncase of a vacancy, the Commissioner may appoint a successor to hold office\nduring the remainder of the term.\n(6) Staff services for the board shall be provided by the Department of Agriculture.\nThe  executive director of the Agricultural Development Board shall serve as\nexecutive director for the Kentucky Agricultural Finance Corporation board.\n(7) The  executive director shall administer, manage, and direct the affairs and\nbusiness of the corporation, subject to the policies, control, and direction of the\nboard. The executive director shall keep a record of the proceedings of the\ncorporation and shall be custodian of all books, documents, and papers filed\nwith the corporation, the minute book or journal of the corporation, and its\nofficial seal. The executive director shall have authority to cause copies to be\nmade  of all minutes and other records and documents of the corporation and to\ngive certificates under the official seal of the corporation to the effect that the\ncopies are true copies, and all persons dealing with the corporation may rely on\nsuch certifications.\n(8) A majority of the board shall constitute a quorum for the purpose of conducting\nits business and  exercising its powers  and  for all other purposes,\nnotwithstanding the existence of any vacancies; provided, however, that a\nmajority of the board may  elect from among  its members  an executive\ncommittee to act in its stead in the day to day conduct of the business of the\ncorporation. Notwithstanding the foregoing, the full board shall hold at least one\n(1) meeting each calendar quarter in accordance with a schedule to be\nestablished by the board.\n(9) Action may  be taken by the corporation upon a vote of a majority of the\ndirectors present at a meeting at which a quorum exists called upon three (3)\ndays written notice or upon the concurrence of at least seven (7) directors or by\nthe board's executive committee.\n(10) All members  of the board shall be entitled to their reasonable and necessary\nexpenses actually incurred in discharging their duties.\n(11) The  Kentucky Agricultural Finance Corporation shall not be  subject to\nreorganization under KRS Chapter 12.","path":["KRS Chapter 247"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50656","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:00Z","sha256":"79d9d92c961fd4cec366a42ac95597295052f6cd905592a1ee9779efa62b79dd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-247.942","next":"us-ky/krs-247.946"},"notice":"GroundRules: Original legal text. Not legal advice."}