{"data":{"id":"us-ky/krs-272a.17-040","jurisdiction":"us-ky","citation":"KRS 272A.17-040","heading":"Transition.","body":"(1) This chapter does not limit, prohibit, or invalidate the existence, acts, or obligations\nof any cooperative or association created or doing business in this Commonwealth\nbefore, on, or after July 12, 2012.\n(2) A cooperative or association formed under KRS Chapter 272, until or unless it\nbecomes a limited cooperative association under this chapter, shall be governed by\nKRS Chapter 272.\n(3) The enactment of this chapter shall not impair, or otherwise affect, the organization\nor the continued existence of a cooperative association existing on July 12, 2012.\n(4) This chapter governs only:\n(a) A limited cooperative association formed on or after July 12, 2012; and\n(b) A cooperative or association with shares which elects, in the manner provided\nin its articles of  incorporation or by law for amending the articles of\nincorporation, to be subject to this chapter.\n(5) A cooperative or association with shares formed under KRS Chapter 272 may elect\nto become subject to this chapter by a consent sufficient to amend the a rticles of\nincorporation. Thereafter the cooperative or association with shares shall file\namended and restated articles of association which comply with KRS 272A.3 -010\nand that further set forth:\n(a) The name of the cooperative or association with shares as set forth in its\narticles of incorporation;\n(b) The date of filing of its articles of incorporation;\n(c) An affirmative election by the cooperative or association with shares to be\nsubject to this chapter; and\n(d) An affirmative statement that the elect ion was approved as required by this\nsubsection.\n(6) A cooperative, association, limited liability company or corporation formed in a\njurisdiction other than the Commonwealth of Kentucky may elect to be subject to\nthis chapter by a consent sufficient to am end its articles of incorporation, articles of\nassociation, or equivalent filing under the laws of its jurisdiction of formation.\nThereafter, the foreign entity shall file amended and restated articles of association\nwhich comply with KRS 272A.3-010 and further set forth:\n(a) The name of the foreign entity;\n(b) The previous jurisdiction of organization;\n(c) An affirmative election by the foreign entity to be subject to this chapter; and\n(d) A statement that the election to be governed by this chapter is effective under\nthe law and agreements governing the foreign entity prior to becoming subject\nto this chapter.\n(7) An election pursuant to subsection (5) or (6) of this section is effective up on the\neffective time and date of the amended and restated articles of association as\nprovided in KRS 14A.2-070.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41099","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:23Z","sha256":"77a9ab8859c67a868dcef87b54a3e4a48a2429e7685e4059ee1e94b74e711201","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.17-030","next":"us-ky/krs-272a.2-010"},"notice":"GroundRules: Original legal text. Not legal advice."}