{"data":{"id":"us-ky/krs-272.241","jurisdiction":"us-ky","citation":"KRS 272.241","heading":"Sale, lease or exchange of all assets -- Procedure -- Mortgage or pledge of","body":"assets.\n(1) A sale, lease, or exchange of all, or substantially all of the property and assets of an\nassociation may be made upon such terms and conditions and for such\nconsideration, which may consist in whole or in part of money or property, real or\npersonal, including shares of any association, or corporation, as may be authorized\nin the following manner: The board shall adopt a resolution recommending such\nsale, lease, or e xchange and directing that it be submitted to a vote at a meeting of\nthe association members, which may be at either an annual or a special meeting.\nWritten or printed notice of the meeting shall be given to each member of the\nassociation entitled to vote at such meeting. The notice shall state that the proposed\nsale, lease, or exchange will be considered and acted upon at the meeting, and a\nstatement of the terms of the proposed sale, lease, or exchange shall be included in\nor inclosed with such notice. Ea ch notice shall be mailed by first -class mail at a\ntime that not less than ten (10) full days shall elapse between the date of mailing the\nnotice and the date of the meeting, and shall be mailed to each member of the\nassociation at his last known address a s it appears on the records of the association.\nThe proposed sale, lease, or exchange shall be adopted by the affirmative vote of\nnot less than two-thirds (2/3) of the votes entitled to be cast by members present, in\nperson or by proxy (if permitted by the bylaws), and voting at any such meeting.\n(2) A mortgage or pledge of, or any other security interest in, all or any part of the\nproperty of an association may be made by authority of its board, unless otherwise\nprovided in its articles of incorporation or bylaws.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13539","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:21Z","sha256":"294feace080939992b7dbbc08d25eb0d068fbc26077a366a38f9933e5121d7ca","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272.240","next":"us-ky/krs-272.250"},"notice":"GroundRules: Original legal text. Not legal advice."}