{"data":{"id":"us-ky/krs-271b.14-020","jurisdiction":"us-ky","citation":"KRS 271B.14-020","heading":"Dissolution by board of directors and shareholders.","body":"(1) A corporation's board of directors may propose dissolution for submission to the\nshareholders.\n(2) For a proposal to dissolve to be adopted:\n(a) The board of directors shall recommend dissolution to the shareholders unless\nthe board of directors determines  that because of conflict of interest or other\nspecial circumstances it should make no recommendation and communicates\nthe basis for its determination to the shareholders; and\n(b) The shareholders entitled to vote shall approve the proposal to dissolve as\nprovided in subsection (5) of this section.\n(3) The board of directors may condition its submission of the proposal for dissolution\non any basis.\n(4) The corporation shall notify each shareholder, whether or not entitled to vote, of the\nproposed shareholde rs' meeting in accordance with KRS 271B.7 -050. The notice\nshall also state that the purpose, or one of the purposes, of the meeting is to consider\ndissolving the corporation.\n(5) Unless the articles of incorporation or the board of directors (acting pursua nt to\nsubsection (3)) of this section require a greater vote or a vote by voting groups, the\nproposal to dissolve to be adopted shall be approved by a majority of all votes\nentitled to be cast on that proposal.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13448","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"5c4054265e3436bb5a840fa7a8f4edf0b8177b13a4f3ce36a689b8e7e4190b3e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.14-010","next":"us-ky/krs-271b.14-030"},"notice":"GroundRules: Original legal text. Not legal advice."}