{"data":{"id":"us-ky/krs-272.131","jurisdiction":"us-ky","citation":"KRS 272.131","heading":"Articles of association, contents -- Filing effect.","body":"(1) The articles of incorporation of each association shall state:\n(a) The name of the association that satisfies KRS 14A.3-010;\n(b) The purposes for which it is formed;\n(c) The place where its principal business will be transacted;\n(d) The period of duration,  which may be perpetual. When the articles of\nincorporation fail to state the period of duration, it shall be considered\nperpetual. Any association heretofore or hereafter organized for a period less\nthan perpetual, may, by amendment to its articles of inc orporation, extend the\nperiod of its duration for a specified period or perpetually;\n(e) The names and addresses, not less than five (5), of those who are to serve as\ndirectors for the first term or until the election of their successors;\n(f) If organized without capital stock, whether the property rights and interest of\neach member shall be equal or unequal; and if unequal, the articles shall set\nforth the general rules applicable to all members by which the property rights\nand interests, respectively, of each member shall be determined and fixed; and\nthe association shall have the power to admit new members who shall be\nentitled to share in the property of the association with the old members in\naccordance with the general rules. These provisions of the ar ticles of\nincorporation shall not be altered, amended, or repealed except by the\naffirmative vote of not less than two -thirds (2/3) of the votes entitled to be\ncast by members present in person, or by proxy, if permitted by the bylaws,\nand voting thereon at any regular or special meeting; and\n(g) If organized with capital stock, the authorized amount of the stock and the\nnumber of shares into which it is divided and the par value thereof. Capital\nstock may be divided into preferred and common stock. The art icles of\nincorporation must contain a statement of the number of shares of stock to\nwhich preference is granted and the number of shares of stock to which no\npreference is granted and the nature and extent of the preference and the\nprivileges granted to ea ch. No specific amount of the capital stock authorized\nis required to be subscribed before the association may transact business with\nother than its members; the board may determine the amount of capital stock\nto be issued as the business of the associatio n may justify or demand, from\ntime to time, within the amount of the total authorization.\n(2) The articles of incorporation may contain any provision consistent with law with\nrespect to management, regulation, government, financing, indebtedness,\nmembership, the establishment of voting districts and the election of delegates for\nrepresentative purposes, the issuance, retirement and transfer of its stock, if formed\nwith capital stock, or any provisions relative to the way or manner in which it shall\noperate with respect to its members, officers, or directors, and any other provisions\nrelating to its affairs; but nothing set forth in this section shall be construed as\nlimiting any of the rights or powers otherwise given to such associations.\n(3) The articles o f incorporation must be subscribed by the incorporators and\nacknowledged by one (1) of them before an officer authorized by the laws of this\nstate to take and certify acknowledgments of deeds and conveyances; and shall be\nfiled and recorded in accordance w ith the statute relating to corporations generally;\nand when so filed, the articles of incorporation, or certified copies thereof, shall be\nreceived in all the courts of this state, and other places, as prima facie evidence of\nthe facts contained therein, and of the due incorporation of the association. A copy\nof the articles of incorporation, indorsed by the Secretary of State with the fact and\ntime of recording in his office, shall be filed with the dean of the College of\nAgriculture of the University of Kentucky and with the Commissioner of the\nDepartment of Agriculture.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36662","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"dc9c44b0fcf355608edbbf4d2eb374973afd4afd8c16145f41d132bae573cd97","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272.130","next":"us-ky/krs-272.140"},"notice":"GroundRules: Original legal text. Not legal advice."}