{"data":{"id":"us-ky/krs-299.340","jurisdiction":"us-ky","citation":"KRS 299.340","heading":"Directors and officers -- Election -- Term of office -- Powers of directors --","body":"Quorum -- Bonds.\nEvery municipal company shall have not less than five (5) directors, and every county or\ncounty and municipal company shall have not less than eleven (11). The directors shall be\nchosen from and by the members of the company, at the regular meeting of the company\nprescribed in the bylaws. They shall hold office for one (1) year, or such longer term, not\nexceeding four (4) years, as the bylaws may prescribe, and until others are elected and\nqualified. They may be divided into classes and a portion only elected each year. They\nshall choose by ballot a president and secretary and such other officers as the bylaws\nprescribe, who shall hold their offices for not l ess than one (1) nor more than four (4)\nyears, or as may be prescribed in the bylaws. The board of directors shall exercise the\ncorporate powers, and transact the business of the company in accordance with the\nbylaws. The bylaws shall prescribe the number of directors to constitute a quorum, and\nmay provide for an executive committee for such purposes as may be necessary, and shall\nrequire the officers to give bond, with good security, in such amounts as the nature of\ntheir duties and powers may require. No nresidents owning property insured in the\ncompany shall not be eligible to hold office in the company.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15856","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:27Z","sha256":"caf15546ea373953954f4aba608925fb57609b00eefac1ec8a147e095bf47571","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.330","next":"us-ky/krs-299.350"},"notice":"GroundRules: Original legal text. Not legal advice."}