381.787 Establishment and organization of planned community -- Board of

368 words·~2 min read·/ky/381-787

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

directors -- Declaration or bylaws -- Removal of board member.

(1)A declarant shall establish an association no later than the date upon which the first

lot in the planned community is conveyed to a purchaser for fair market value. The

association shall be organized as a nonprofit corporation pursuant to KRS Chapter

273 or as an unincorporated nonprofit association pursuant to KRS Chapter 273A.

(2)The association shall consist of members who own a lot or lots in the planned

community. The association shall be administered by a board of directors elected

from among the owners. The owners shall elect a board with at least three

directors who shall take office upon election no later than the termination of any

declarant control period.

(3)Unless otherwise provided in the governing documents, the board of directors shall

be authorized to carry out the provisions of KRS 381.785 to 381.801. If an owner is

not a natural person, a principal member of a limited liability company, partner,

director, officer, trustee, or employee of the owner may be elected to the board of

directors.

(4)The initial board of directors shall promulgate the initial bylaws of the association.

(5)Subject to other provisions of KRS 381.785 to 381.801, the declaration or bylaws

for an incorporated or unincorporated association shall provide for the following:

(a)The number of persons constituting the board;

(b)The election method and terms of the board;

(c)The powers and duties of the board;

(d)The method of removal of directors from the board;

(e)The method of amending the declaration and bylaws;

(f)The frequency, time, and place for holding board meetings and the manner of

and authority for calling, giving notice of, and conducting board meetings;

and

(g)Any other matters the declarant or the association deems necessary and

appropriate.

(6)Unless a higher percentage of votes is required under the declaration or bylaws, the

owners may remove any member of the board with or without cause, except a

director appointed by the declarant, by a majority vote of all persons present in

person or by proxy and entitled to vote at any meeting of the association at which a

quorum is present.