{"data":{"id":"us-ky/krs-272a.3-020","jurisdiction":"us-ky","citation":"KRS 272A.3-020","heading":"Organization of limited cooperative association.","body":"(1) After a limited cooperative association is formed:\n(a) If initial directors are named in the articles of association, the initial directors\nshall hold an organizational meeting to adopt initial bylaws and carry on any\nother business necessary or proper to complete the organization of the\nassociation; or\n(b) If initial directors are not named in the articles of association, the organizers\nshall designate the initial directors and call a meeting of the initial directors to\nadopt initial bylaws and carry on an y other business necessary or proper to\ncomplete the organization of the association.\n(2) Before the beginning of the initial meeting of the board of directors, an organizer\nwho knows that information in the filed articles of association was inaccurate whe n\nthe articles were filed or has become inaccurate due to changed circumstances shall\npromptly:\n(a) Cause the articles to be corrected as provided in KRS 14A.2-090; or\n(b) Deliver an amendment to the Secretary of State for filing pursuant to KRS\n272A.4-070.\n(3) Unless the articles of association otherwise provide, the initial directors may cause\nthe limited cooperative association to accept members, including those necessary\nfor the association to begin business.\n(4) Initial directors need not be members.\n(5) An initial director serves until a successor is elected and qualified at a members\nmeeting or the director is removed, resigns, is adjudged incompetent, or dies.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40997","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:22Z","sha256":"8a024731786af907cfe1c0f44d2df474347b5ddea66941bd0215f7ae1042d8da","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.3-010","next":"us-ky/krs-272a.3-030"},"notice":"GroundRules: Original legal text. Not legal advice."}