{"data":{"id":"us-ky/krs-272a.8-040","jurisdiction":"us-ky","citation":"KRS 272A.8-040","heading":"Election of directors and composition of board.","body":"(1) Unless the organic rules require a greater number:\n(a) The number of directors that must be patron members may not be fewer than:\n1. One (1), if there are two (2) or three (3) directors;\n2. Two (2), if there are four (4) or five (5) directors;\n3. Three (3), if there are six (6) through eight (8) directors; or\n4. One-third (1/3) of the directors if there are at least nine (9) directors; and\n(b) A majority of the board of directors shall be elected exclusively by patron\nmembers.\n(2) Unless the organic rules o therwise provide, if a limited cooperative association has\ninvestor members, the directors who are not elected exclusively by patron members\nare elected by the investor members.\n(3) Subject to subsection (1) of this section, the organic rules may provide f or the\nelection of all or a specified number of directors by one (1) or more districts or\nclasses of members.\n(4) Subject to subsection (1) of this section, the organic rules may provide for the\nnomination or election of directors by districts or classes, directly or by district\ndelegates.\n(5) If a class of members consists of a single member, the organic rules may provide for\nthe member to appoint a director or directors.\n(6) Unless the organic rules otherwise provide, cumulative voting for directors is\nprohibited.\n(7) Except as otherwise provided by the organic rules, subsection (5) of this section, or\nKRS 272A.3 -020, 272A.5 -140, 272A.5 -150, and 272A.8 -090, member directors\nshall be elected at an annual members meeting.\n(8) Every director of a limited cooperative association, by acceptance of election or\nappointment as a director, including by service, shall be deemed to have consented\nto the jurisdiction of the courts of the Commonwealth of Kentucky for any action\nby, in the name of, or on behalf of the association.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41033","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:22Z","sha256":"50f515254f3edbb26b6829b6b99aa92ea47149c59099667e0b925e3115b9bc65","source_id":"us-ky","stale":false,"prev":"us-ky/krs-272a.8-030","next":"us-ky/krs-272a.8-050"},"notice":"GroundRules: Original legal text. Not legal advice."}