{"data":{"id":"us-ky/krs-272.420","jurisdiction":"us-ky","citation":"KRS 272.420","heading":"Bylaws.","body":"Each association incorporated under KRS 272.360 to 272.510 must, within thirty (30)\ndays after its incorporation, adopt for its government and management a code of bylaws,\nnot inconsistent with the powers granted by KRS 272.360 to 272.510. Such bylaws shal l\nbe adopted by a majority of the board of directors. Each association, under its bylaws,\nmay provide for any or all of the following matters:\n(1) The time, place, and manner of calling and conducting its meetings.\n(2) The number of members constituting a quorum.\n(3) The right of members to vote by proxy or by mail or both; and the conditions,\nmanner, form, and effect of such votes.\n(4) The number of directors constituting a quorum.\n(5) The qualifications, compensation, and duties and term of office of  directors and\nofficers, the time of their election and the mode and manner of giving notice\nthereof.\n(6) Penalties for violations of the bylaws.\n(7) The amount of entrance, organization, and membership fees, if any; the manner and\nmethod of collection of the same; and the purposes for which they may be used.\n(8) The amount which each member shall be required to pay annually or from time to\ntime, if at all, to carry on the business of the association; the charge, if any, to be\npaid by each member or stockholder for services rendered by the association to him\nand the time of payment and the manner of collection.\n(9) The method of appraisal of livestock and the manner of payment of indemnities for\nsame.\n(10) The number and qualification of members of the association and the conditions\nprecedent to membership; the method, time, and manner of permitting members to\nwithdraw; the manner of assignment and transfer of the interest of members; the\nconditions upon which and time when membership of any member shall  cease; the\nautomatic suspension of the rights of a member when he ceases to be eligible to\nmembership in the association; and the mode, manner, and effect of the expulsion\nof a member; the manner of determining the value of a member's interest and\nprovision for its purchase by the association upon the death or withdrawal of a\nmember, or upon the expulsion of a member or forfeiture of his membership, or, at\nthe option of the association, the purchase at a price fixed by conclusive appraisal\nby the board of directors, in which case the board of directors shall equitably and\nconclusively appraise his property interests in the association and shall fix the\namount thereof in money, which shall be paid to him within one (1) year after such\nexpulsion or withdrawal.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13575","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:21Z","sha256":"5b7cf9e3e9100eb9346e5a3ead00bfc109caba4ed2275ab23bf029bd51fa6c6c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272.410","next":"us-ky/krs-272.430"},"notice":"GroundRules: Original legal text. Not legal advice."}