247.944 Kentucky Agricultural Finance Corporation -- Board of directors --
720 words·~3 min read·
/ky/247-944A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Executive director -- Quorum -- Expenses.
(1)There is hereby created and established the Kentucky Agricultural Finance
Corporation which shall be attached to the Department of Agriculture.
(2)The corporation is created and established as a de jure municipal corporation
and political subdivision of the Commonwealth to perform essential
governmental and public functions and purposes in improving and otherwise
promoting the health and general welfare of the people through the promotion
of agriculture through the Commonwealth.
(3)The corporation shall be governed by a board of directors consisting of twelve
(12)members, ten
(10)of whom shall be appointed by the Commissioner. The
other two
(2)members shall be the Commissioner, who shall serve as
chairperson, and the secretary of the Finance and Administration Cabinet. The
Commissioner may designate a representative to serve as chairperson in the
Commissioner's absence.
(4)The Commissioner shall appoint ten
(10)private members of the board to take
office and to exercise all powers of the board immediately. The ten
directors of the corporation shall be appointed using staggered terms and shall
be subject to confirmation as provided in KRS 11.160(2). Of the ten
(10)private
members of the board appointed by the Commissioner, two
(2)may be officers
from a commercial lending institution, one
(1)may be an officer from a farm
credit association, one
(1)may be an agricultural economist, one
(1)shall be a
tobacco farmer, one
(1)shall be a cash grain farmer, one
(1)shall be a
livestock farmer, one
(1)shall be a dairy or poultry farmer, one
(1)shall be a
horticultural farmer, and one
(1)shall be from the equine industry. To promote
efficient use of agricultural resources and coordination among agricultural
leaders, the Commissioner shall appoint a member from the Agricultural
Development Board, who meets the qualifications for one
(1)of the positions
set out in this subsection, to one
(1)of the ten
(10)board positions governing
the Kentucky Agricultural Finance Corporation.
(5)Upon the expiration of the initial terms of the private members of the board, the
Commissioner shall appoint successors representing the same constituencies
as the members succeeded for a term of four
(4)years in each case. In the
case of a vacancy, the Commissioner may appoint a successor to hold office
during the remainder of the term.
(6)Staff services for the board shall be provided by the Department of Agriculture.
The executive director of the Agricultural Development Board shall serve as
executive director for the Kentucky Agricultural Finance Corporation board.
(7)The executive director shall administer, manage, and direct the affairs and
business of the corporation, subject to the policies, control, and direction of the
board. The executive director shall keep a record of the proceedings of the
corporation and shall be custodian of all books, documents, and papers filed
with the corporation, the minute book or journal of the corporation, and its
official seal. The executive director shall have authority to cause copies to be
made of all minutes and other records and documents of the corporation and to
give certificates under the official seal of the corporation to the effect that the
copies are true copies, and all persons dealing with the corporation may rely on
such certifications.
(8)A majority of the board shall constitute a quorum for the purpose of conducting
its business and exercising its powers and for all other purposes,
notwithstanding the existence of any vacancies; provided, however, that a
majority of the board may elect from among its members an executive
committee to act in its stead in the day to day conduct of the business of the
corporation. Notwithstanding the foregoing, the full board shall hold at least one
(1)meeting each calendar quarter in accordance with a schedule to be
established by the board.
(9)Action may be taken by the corporation upon a vote of a majority of the
directors present at a meeting at which a quorum exists called upon three
days written notice or upon the concurrence of at least seven
(7)directors or by
the board's executive committee.
(10)All members of the board shall be entitled to their reasonable and necessary
expenses actually incurred in discharging their duties.
(11)The Kentucky Agricultural Finance Corporation shall not be subject to
reorganization under KRS Chapter 12.