248.025 Membership of boards -- Eligibility -- Participation.

238 words·~1 min read·/ky/chapter-248/248-025

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

(1)The membership of each tobacco board of trade shall be divided into two

classes: active members and associate members. Any person, partnership,

corporation or association operating a loose leaf auction warehouse or warehouses

shall be eligible for active membership in the tobacco board of trade; provided,

however, that each board of trade shall have the right to establish the basis of voting

rights for its warehouse members according to floor space, ownership, number of

separate warehouse buildings or otherwise. Any person, partnership, corporation or

association not eligible for active membership but holding a tobacco dealer's license

and purchasing tobacco pursuant to said license upon the market governed by the

tobacco board of trade shall be eligible for election as an associate member. Each

associate member shall have the option of becoming, upon written notice to the

tobacco board of trade, either a participating or a nonparticipating member. A

nonparticipating member shall not have the right to vote upon any question coming

before the tobacco board of trade.

(2)A participating associate member shall not participate in or have any voice or vote

in the management, conduct, activities, allotments of sale time or hours, affixing of

dates for the opening or closing of the tobacco markets serviced by the tobacco

board of trade, or in any other manner or respect relating strictly to the functions

normally performed by the warehouse members of the tobacco board of trade.