{"data":{"id":"us-ky/krs-279.390","jurisdiction":"us-ky","citation":"KRS 279.390","heading":"Members and shareholders -- Requirements for membership.","body":"(1) Each incorporator of a cooperative shall be a member thereof but no other person\nmay become a member thereof unless such other person agrees to use telephone\nservice furnished by the cooperative when it is made available through its facilities.\nMembership in a cooperative shall be evidenced by a certificate of membership\nwhich shall not be transferable, except as provided in the bylaws. The bylaws may\nprescribe additional qualifications and limitations in respect of membership,\nprovided that ownership of sh ares of stock, if any are authorized, shall not be a\ncondition of membership in the cooperative.\n(2) In case the issuance of shares of stock is provided for in the articles of\nincorporation, ownership thereof shall be evidenced by share certificates. No sh are\nof stock shall be issued except for cash, or for property at its fair value, in an\namount equal to the par value of such share of stock.\n(3) Membership and share certificates shall contain such provisions, consistent with\nKRS 279.310 to 279.600 and the  articles of incorporation of the cooperative, as\nshall be prescribed by its bylaws.\n(4) No member or shareholder shall be liable or responsible for any debts of the\ncooperative and the property of the members and shareholders shall not be subject\nto execution therefor except as the member or shareholder 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=14215","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:31Z","sha256":"59e434c6c771ceccc22f5f75c1b4be40a04d521ee0a6f5caae0ff80dca147538","source_id":"us-ky","stale":false,"prev":"us-ky/krs-279.380","next":"us-ky/krs-279.400"},"notice":"GroundRules: Original legal text. Not legal advice."}