279.090 Requirements for membership in corporation -- Rights and liabilities of

355 words·~2 min read·/ky/279-090

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

members.

(1)No person may become or remain a member of any corporation formed under this

chapter with capital stock except a farmer, a person engaged in the production of

agricultural products or livestock, a cooperative association as defined in the Farm

Credit Act, or a corporation organized under this chapter.

(2)No person other than the original incorporators may become or remain a member of

any corporation formed under this chapter without capital stock unless, in addition

to complying with all membership requirements in the articles of incorporation and

bylaws of the corporation, such person uses electric energy supplied by the

corporation or by a corporation that is a member of the corporation in question, or

such person is a corporation formed under this chapter or is a corporation furnishing

electric energy or is a cooperative association as defined in the Farm Credit Act.

(3)Any corporation formed under this chapter without capital stock may provide in its

articles of incorporation that, in addition to the requirements for membership set

forth in subsection

(2)of this section, no person other than the original

incorporators may become or remain a member unless that person is a farmer or is a

cooperative association within the meaning of the Farm Credit Act, or that a stated

percentage of its members must be and remain farmers or cooperative associations

within the meaning of the Farm Credit Act.

(4)Any corporation formed under this chapter may become a member of any other

corporation formed under this chapter and may fully avail itself of the facilities and

services of that corporation.

(5)Each member of a corporation organized under this chapter with or without capital

stock shall have only one

(1)vote, and memberships shall not be transferable.

(6)Neither the incorporators nor any member of any corporation formed under this

chapter shall be personally responsible for any debt, obligation or liability of the

corporation, except for promissory notes given for the purchase of common stock in

the corporation or except as the incorporator or member may become personally

liable by reason of his or her own acts or conduct.