{"data":{"id":"us-ky/krs-272.151","jurisdiction":"us-ky","citation":"KRS 272.151","heading":"Bylaws, adoption, contents -- Withdrawal of member -- Rights --","body":"Amendment of bylaws.\n(1) Each association shall within thirty (30) days after its incorporation, adopt for its\ngovernment and management a code of bylaws. The affirmative vote of not less\nthan two -thirds (2/3) of the members present and voting at a meeting, of which\nreasonable notice of the proposed bylaws shall have been given, is sufficient to\nadopt such bylaws.\n(2) An association in its bylaws may provide for any, or all, of the following:\n(a) The time, place, and manner of calling and conducting its meetings.\n(b) The number of members constituting a quorum.\n(c) The right of members to vote by proxy or by mail, or by both, and the\nconditions, manner, form, and effects of such votes.\n(d) The number of directors constituting a quorum.\n(e) The offices, qualifications, compensations, duties and terms of office of\ndirectors and officers; time of their election, and the mode and manner of\ngiving notice thereof.\n(f) Penalties for violations of the bylaws.\n(g) The amount of entrance, organization, and membership fees, if any; the\nmanner and method of collection of the same, and the purposes for which they\nmay be used.\n(h) The amount which each member shall be required to pay annually, or from\ntime to time, if at all, to carry on the business of the association; the charge, if\nany, to be paid by each member directly or by utilization of retained earnings\nfor services rendered by the association to him, and the time of payment and\nthe manner  of collection; and the marketing agreement between the\nassociation and its members, which every member may be required to sign.\n(i) The number and qualification of members of the association and the\nconditions precedent to membership; the method, time, a nd manner of\npermitting members to withdraw; the manner of assignment and transfer of\nthe interest of members, and of stock; the conditions upon which, and the time\nwhen membership of any member shall cease; the automatic suspension of the\nrights of a memb er when he ceases to be eligible to membership in the\nassociation, and mode, manner, and effect of the expulsion of a member,\nmanner of determining the value of a member's interest and provision for its\npurchase by the association upon the death or withdra wal of a member, or\nupon the expulsion of a member or forfeiture of his membership, or at the\noption of the association, by conclusive appraisal by the board.\n(3) Unless provided otherwise in an association's bylaws, the board shall equitably and\nconclusively appraise the value of a withdrawing or expelled member's property\ninterest in the association and shall fix the amount thereof in money and shall\ndetermine the manner in which the association shall pay the member the value of\nhis interest.\n(4) The bylaws of an association may be amended, changed, or altered at any time by\nthe affirmative vote of not less than two -thirds (2/3) of the members of the board\npresent and voting at any regular or special meeting of the board of directors duly\ncalled and held.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13519","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"a8f34a6e84c0a9aa3d72baacab9a0eee81f274b0228cf3a1fc50e9d6dc0827c7","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272.150","next":"us-ky/krs-272.160"},"notice":"GroundRules: Original legal text. Not legal advice."}