{"data":{"id":"us-ky/krs-272.020","jurisdiction":"us-ky","citation":"KRS 272.020","heading":"Organization of cooperative corporation - Officers -- Votes -- Quorum.","body":"(1) Any three (3) or more persons who are residents of this state may organize a\ncooperative corporation to conduct any agricultural, dairy, mercantile, mining,\nmanufacturing, mechanical, service, or other lawful business, except organizations\nsubject to any of the provisions of the banking laws of this state.\n(2) The cooperative corporation shall be organized with shares or with memberships, as\nprovided in articles of incorporation.\n(3) The directors of the cooperative corporation shall be elected by the stock holders or\nmembers at such times and for such term of office as the bylaws prescribe, and shall\nhold office until their successors are elected. A majority of the stockholders or\nmembers at any regular or special stockholders' or members' meeting, legally called,\nmay remove any director or official for cause, and fill the vacancy.\n(4) There shall be a president, one (1) or more vice presidents, and a secretary and\ntreasurer, or secretary treasurer, elected annually by and from the directors.\n(5) No stockholder or member, regardless of the number of shares he may own, shall\nhave more than one (1) vote upon any proposition.\n(6) The articles of incorporation or bylaws of a cooperative corporation may prohibit\nvoting by proxy or voting trusts.\n(7) Unless otherwise provided in the articles of incorporation or bylaws, a majority of\nthe stockholders or members entitled to vote, represented in person or by proxy,\nshall constitute a quorum at a meeting of stockholders or members. In no event shall\na quorum consist of l ess than one -third (1/3) of the stockholders or members\nentitled to vote, except that the articles of incorporation or bylaws of a cooperative\ncorporation which prohibits both proxies and voting trusts may provide for a lower\nquorum; but in no event shall the quorum be set lower than one -tenth (1/10) of the\nstockholders or members entitled to vote or twenty (20) such stockholders or\nmembers, whichever is less.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13499","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"cf53b3e46c1e65cfc8843f93942f38244b3c996b4ed9cdf3c1fa05454afc6f47","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272.011","next":"us-ky/krs-272.030"},"notice":"GroundRules: Original legal text. Not legal advice."}