{"data":{"id":"us-ky/krs-272a.12-050","jurisdiction":"us-ky","citation":"KRS 272A.12-050","heading":"Voluntary dissolution by board of directors and members.","body":"(1) Except as otherwise provided in KRS 272A.12 -040, for a limited cooperative\nassociation to voluntarily dissolve:\n(a) A resolution to dissolve shall be approved by a majority vote of the board of\ndirectors unless a greater percentage is required by the organic rules;\n(b) The board of directors shall call a members meeting to consider the resolution,\nto be held not later than ninety (90) days after adoption of the resolution; and\n(c) The board of directors shall mail or otherwise transmit or deliver to each\nmember in a record that complies with KRS 272A.5-070:\n1. The resolution required by paragraph (a) of this subsection;\n2. A recommendation that the members vote in favor of the resolution or, if\nthe board determines that because of conflict of interest or oth er special\ncircumstances it should not make a favorable recommendation, the basis\nof that determination; and\n3. Notice of the members meeting, which shall be given in the same\nmanner as notice of a special meeting of members.\n(2) Subject to subsection (3) of this section, a resolution to dissolve shall be approved\nby:\n(a) At least two-thirds (2/3) of the voting power of members present at a members\nmeeting called under subsection (1)(b) of this section; and\n(b) If the limited cooperative association has investor members, at least a majority\nof the votes cast by patron members, unless the organic rules require a greater\npercentage.\n(3) The organic rules may require that the percentage of votes under subsection (2)(b)\nof this section is:\n(a) A different percentage that is not less than a majority of members voting at the\nmeeting; or\n(b) Measured against the voting power of all members; or\n(c) A combination of paragraphs (a) and (b) of this subsection.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41068","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:22Z","sha256":"ab3e472e8c87523e809b9a7c932d5eea4ebbca9a4f16610ca838ac351d3d4311","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.12-040","next":"us-ky/krs-272a.12-060"},"notice":"GroundRules: Original legal text. Not legal advice."}