{"data":{"id":"us-ky/krs-271b.6-200","jurisdiction":"us-ky","citation":"KRS 271B.6-200","heading":"Subscription of shares before incorporation.","body":"(1) A subscription for shares entered into before incorporation shall be irrevocable for\nsix (6) months, unless the subscription agreement provides a longer or shorter\nperiod or all the subscribers agree to revocation.\n(2) The board of directors may determine the payment terms of subscriptions for shares\nthat were entered into before incorporation, unless the subscription agreement\nspecifies them. A call for payment by the board of directors shall be uniform so far\nas practicable as to all shares of the same cl ass or series, unless the subscription\nagreement specifies otherwise.\n(3) Shares issued pursuant to subscriptions entered into before incorporation shall be\nfully paid and nonassessable when the corporation receives the consideration\nspecified in the subscription agreement.\n(4) If a subscriber defaults in payment of money or property under a subscription\nagreement entered into before incorporation, the corporation may collect the amount\nowed as any other debt. Alternatively, unless the subscription agreemen t provides\notherwise, the corporation may rescind the agreement and may sell the shares if the\ndebt remains unpaid more than twenty (20) days after the corporation sends written\ndemand for payment to the subscriber.\n(5) A subscription agreement entered int o after incorporation shall be a contract\nbetween the subscriber and the corporation subject to KRS 271B.6-210.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13340","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:18Z","sha256":"ef19d20aba4954e11cdc898f9b1c9e67be7cefd8075d96be72924cf498e593bd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.6-040","next":"us-ky/krs-271b.6-210"},"notice":"GroundRules: Original legal text. Not legal advice."}