272.151 Bylaws, adoption, contents -- Withdrawal of member -- Rights --
510 words·~2 min read·
/ky/272-151A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Amendment of bylaws.
(1)Each association shall within thirty
(30)days after its incorporation, adopt for its
government and management a code of bylaws. The affirmative vote of not less
than two-thirds (2/3) of the members present and voting at a meeting, of which
reasonable notice of the proposed bylaws shall have been given, is sufficient to
adopt such bylaws.
(2)An association in its bylaws may provide for any, or all, of the following:
(a)The time, place, and manner of calling and conducting its meetings.
(b)The number of members constituting a quorum.
(c)The right of members to vote by proxy or by mail, or by both, and the
conditions, manner, form, and effects of such votes.
(d)The number of directors constituting a quorum.
(e)The offices, qualifications, compensations, duties and terms of office of
directors and officers; time of their election, and the mode and manner of
giving notice thereof.
(f)Penalties for violations of the bylaws.
(g)The amount of entrance, organization, and membership fees, if any; the
manner and method of collection of the same, and the purposes for which they
may be used.
(h)The amount which each member shall be required to pay annually, or from
time to time, if at all, to carry on the business of the association; the charge, if
any, to be paid by each member directly or by utilization of retained earnings
for services rendered by the association to him, and the time of payment and
the manner of collection; and the marketing agreement between the
association and its members, which every member may be required to sign.
(i)The number and qualification of members of the association and the
conditions precedent to membership; the method, time, and manner of
permitting members to withdraw; the manner of assignment and transfer of
the interest of members, and of stock; the conditions upon which, and the time
when membership of any member shall cease; the automatic suspension of the
rights of a member when he ceases to be eligible to membership in the
association, and mode, manner, and effect of the expulsion of a member,
manner of determining the value of a member's interest and provision for its
purchase by the association upon the death or withdrawal of a member, or
upon the expulsion of a member or forfeiture of his membership, or at the
option of the association, by conclusive appraisal by the board.
(3)Unless provided otherwise in an association's bylaws, the board shall equitably and
conclusively appraise the value of a withdrawing or expelled member's property
interest in the association and shall fix the amount thereof in money and shall
determine the manner in which the association shall pay the member the value of
his interest.
(4)The bylaws of an association may be amended, changed, or altered at any time by
the affirmative vote of not less than two-thirds (2/3) of the members of the board
present and voting at any regular or special meeting of the board of directors duly
called and held.