279.030 Articles of incorporation -- What to contain.

335 words·~2 min read·/ky/chapter-279/279-030

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

(1)The articles of incorporation shall set forth:

(a)The name of the corporation that satisfies the requirements of KRS 14A.3-

010;

(b)The purpose for which it is formed;

(c)The place, including the county, where its principal office will be located;

(d)A reasonable description of the territory in which its operations are to be

conducted;

(e)The number of directors;

(f)The names and post office addresses of the directors who are to manage the

affairs of the corporation for the first year of its existence, or until the first

meeting called to elect directors, or until the successors of the first directors

are elected and have qualified;

(g)The period limited for the duration of the corporation, or that the corporation

is to be perpetual;

(h)If the corporation is organized without capital stock, the terms upon which

members may be admitted and the terms upon which their membership shall

terminate;

(i)If the corporation is organized with capital stock, the amount of the stock, the

number of shares into which it is divided and the par value; and

(j)If the capital stock is divided into common and preferred stock, as it may be,

the number of shares to which preference is granted and the number of shares

to which no preference is granted, and the nature and definite extent of the

preference and privileges granted to each.

(2)The articles of incorporation may contain any other lawful provision that the

incorporators choose to insert for the purpose of regulating the business and affairs

of the corporation, for the purpose of creating, defining, limiting or regulating the

rights, powers and duties of the corporation and its board of directors and members,

and the exercise of any such powers, or for the purpose of creating or defining the

rights and privileges of the members of the corporation among themselves,

including separation of members into classes or districts and providing for

representation of each class or district on the board of directors.