{"data":{"id":"us-ky/krs-279.090","jurisdiction":"us-ky","citation":"KRS 279.090","heading":"Requirements for membership in corporation -- Rights and liabilities of","body":"members.\n(1) No person may become or remain a member of any corporation formed under this\nchapter with capital stock except a farmer, a person engaged in the production of\nagricultural products or livestock, a cooperative association as defined in the Farm\nCredit Act, or a corporation organized under this chapter.\n(2) No person other than the original incorporators may become or remain a member of\nany corporation formed under this chapter without capital stock unless, in addition\nto complying with all membership requirements in the articles of incorporation and\nbylaws of the corporation, such person uses electric energy supplied by the\ncorporation or by a corporation that is a membe r of the corporation in question, or\nsuch person is a corporation formed under this chapter or is a corporation furnishing\nelectric energy or is a cooperative association as defined in the Farm Credit Act.\n(3) Any corporation formed under this chapter with out capital stock may provide in its\narticles of incorporation that, in addition to the requirements for membership set\nforth in subsection (2) of this section, no person other than the original\nincorporators may become or remain a member unless that person is a farmer or is a\ncooperative association within the meaning of the Farm Credit Act, or that a stated\npercentage of its members must be and remain farmers or cooperative associations\nwithin the meaning of the Farm Credit Act.\n(4) Any corporation formed  under this chapter may become a member of any other\ncorporation formed under this chapter and may fully avail itself of the facilities and\nservices of that corporation.\n(5) Each member of a corporation organized under this chapter with or without capital\nstock shall have only one (1) vote, and memberships shall not be transferable.\n(6) Neither the incorporators nor any member of any corporation formed under this\nchapter shall be personally responsible for any debt, obligation or liability of the\ncorporation, except for promissory notes given for the purchase of common stock in\nthe corporation or except as the incorporator or member may become personally\nliable by reason of his or her own acts or conduct.","path":["KRS Chapter 279"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14191","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:31Z","sha256":"8b84bc594cb4911e2ee2e9d9833fc76529061a6f3435f99533def21f55b6bc9a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-279.080","next":"us-ky/krs-279.095"},"notice":"GroundRules: Original legal text. Not legal advice."}