{"data":{"id":"us-ky/krs-272a.1-020","jurisdiction":"us-ky","citation":"KRS 272A.1-020","heading":"Definitions.","body":"As used in this chapter:\n(1) \"Appropriate court\" means the Circuit Court for the county of the Commonwealth\nin which the limited cooperative association's principal office is located or, if none,\nthe county in which the registered office is or was last located;\n(2) \"Articles of associ ation\" means the articles of association of a limited cooperative\nassociation required by KRS 272A.3-010. The term includes the articles as amended\nor restated;\n(3) \"Board of directors\" means the board of directors of a limited cooperative\nassociation;\n(4) \"Bylaws\" means the bylaws of a limited cooperative association. The term includes\nthe bylaws as amended or restated;\n(5) \"Certificate of authority\" means a certificate issued by the Secretary of State\npursuant to KRS 14A.2-140;\n(6) \"Contribution,\" except as used in KRS 272A.10 -080(3), means a benefit that a\nperson provides to a limited cooperative association to become or remain a member\nor in the person's capacity as a member;\n(7) \"Cooperative\" means a limited cooperative association or an entity organize d under\nany cooperative law of any jurisdiction;\n(8) \"Director\" means a director of a limited cooperative association;\n(9) \"Distribution,\" except as used in KRS 272A.10 -070(5), means a transfer of money\nor other property from a limited cooperative association to a member because of the\nmember's financial rights or to a transferee of a member's financial rights;\n(10) \"Entity\" means an entity or a foreign entity, both as defined in KRS 14A.1-070;\n(11) \"Financial rights\" means the right to participate in alloc ations and distributions as\nprovided in Subchapters 10 and 12 of this chapter, but does not include rights or\nobligations under a marketing contract governed by Subchapter 7 of this chapter;\n(12) \"Foreign cooperative\" means an entity organized in a jurisdi ction other than this\nCommonwealth under a law similar to this chapter;\n(13) \"Governance rights\" means the right to participate in governance of a limited\ncooperative association;\n(14) \"Investor member\" mea ns a member that has made a contribution to a limited\ncooperative association and:\n(a) Is not required by the organic rules to conduct patronage with the association\nin the member's capacity as an investor member in order to receive the\nmember's interest; or\n(b) Is not permitted by the organic rules to conduct patronage with the association\nin the member's capacity as an investor member in order to receive the\nmember's interest;\n(15) \"Limited cooperative association\" means an association organized under thi s\nchapter;\n(16) \"Member\" means a person that is admitted as a patron member or investor member,\nor both, in a limited cooperative association. The term does not include a person\nthat has dissociated as a member;\n(17) \"Member's interest\" means the interest of a patron member or investor member\nunder KRS 272A.6-010;\n(18) \"Members meeting\" means an annual members meeting or special meeting of\nmembers;\n(19) \"Organic law\" means the statute providing for the creation of an entity or principally\ngoverning its internal affairs;\n(20) \"Organic rules\" means the articles of association and bylaws of a limited\ncooperative association;\n(21) \"Organizer\" means an individual who signs the initial articles of association;\n(22) \"Patron member\" means a member that has made a co ntribution to a limited\ncooperative association and:\n(a) Is required by the organic rules to conduct patronage with the association in\nthe member's capacity as a patron member in order to receive the member's\ninterest; or\n(b) Is permitted by the organic ru les to conduct patronage with the association in\nthe member's capacity as a patron member in order to receive the member's\ninterest;\n(23) \"Patronage\" means business transactions between a limited cooperative association\nand a person which entitle the perso n to receive financial rights based on the value\nor quantity of business done between the association and the person;\n(24) \"Person\" means an individual, entity, public corporation, government or\ngovernmental subdivision, agency, or instrumentality, or any other legal or\ncommercial entity;\n(25) \"Principal office\" means the principal executive office of a limited cooperative\nassociation or foreign cooperative, whether or not in this state;\n(26) \"Record,\" used as a noun, means information that is inscribed on a tangible medium\nor that is stored in an electronic or other medium and is retrievable in perceivable\nform;\n(27) \"Required information\" means the information a limited cooperative association is\nrequired to maintain under KRS 272A.1-120;\n(28) \"Secretary\" means the officer designated pursuant to KRS 272A.8-210(2);\n(29) \"Sign\" means, with present intent to authenticate or adopt a record:\n(a) To execute or adopt a tangible symbol; or\n(b) To attach to or logically associate with the record an electronic symbol, sound,\nor process;\n(30) \"State\" means a state of the United States, the District of Columbia, Puerto Rico,\nthe United States Virgin Islands, or any territory or insular possession subject to the\njurisdiction of the United States;\n(31) \"Transfer\" includes an assignment, conveyance, deed, bill of sale, lease, mortgage,\nsecurity interest, encumbrance, gift, and transfer by operation of law;\n(32) \"Voting group\" means any combination of one (1) or more voting members in one\n(1) or more districts or classes tha t under the organic rules or under this chapter are\nentitled to vote and can be counted together collectively on a matter at a members\nmeeting;\n(33) \"Voting member\" means a member that, under the organic law or organic rules, has\na right to vote on matters  subject to vote by members under the organic law or\norganic rules; and\n(34) \"Voting power\" means the total current power of members to vote on a particular\nmatter for which a vote may or is to be taken.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40978","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:21Z","sha256":"0389dcd92bfb1fc7fda6cc50af24e0bbd5b994efb70ec8da9503324fb3b6d251","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.1-010","next":"us-ky/krs-272a.1-030"},"notice":"GroundRules: Original legal text. Not legal advice."}