{"data":{"id":"us-ky/krs-273.307","jurisdiction":"us-ky","citation":"KRS 273.307","heading":"Plan of distribution.","body":"A plan providing for the distribution of assets, not inconsistent with the provisions of\nKRS 273.161 to 273.390, may be adopted by a corporation in the process of dissolution\nand shall be adopted by a corporation for the purpose of authorizing any transfer  or\nconveyance of assets for which KRS 273.161 to 273.390 requires a plan of distribution,\nin the following manner:\n(1) If there are members entitled to vote thereon, the board of directors shall adopt a\nresolution recommending a plan of distribution and directing the submission thereof\nto a vote at a meeting of members entitled to vote thereon, which may be either an\nannual or a special meeting. Written notice setting forth the proposed plan of\ndistribution or a summary thereof shall be given to each memb er entitled to vote at\nsuch meeting, within the time and in the manner provided in KRS 273.161 to\n273.390 for the giving of notice of meetings of members. Such plan of distribution\nshall be adopted upon receiving at least two -thirds (2/3) of the votes whic h\nmembers present at such meeting or represented by proxy are entitled to cast.\n(2) If there are no members, or no members entitled to vote thereon, a plan of\ndistribution shall be adopted at a meeting of the board of directors upon receiving a\nvote of a majority of the directors in office.","path":["KRS Chapter 273"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13683","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:24Z","sha256":"b0a06fe878f5eba029b5850d1915a34f0c78587ccb67402c80ff900b86874aa0","source_id":"us-ky","stale":false,"prev":"us-ky/krs-273.303","next":"us-ky/krs-273.310"},"notice":"GroundRules: Original legal text. Not legal advice."}