279.330 Articles of incorporation.

231 words·~1 min read·/ky/chapter-279/279-330

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

(1)The articles of incorporation of a corporation formed under KRS 279.310 to

279.600 shall be entitled "Articles of Incorporation of .... Corporation" and the title

may include the word "Cooperative." The articles shall satisfy the requirements of

KRS 14A.2-010 to 14A.2-150, recite that they are executed pursuant to KRS

279.310 to 279.600 and shall state:

(a)The name of the corporation.

(b)The address of its principal office.

(c)The names and addresses of the incorporators.

(d)The names and addresses of its trustees.

(e)A general description of the territory in which it proposes to operate.

(2)If a cooperative desires to issue nonvoting shares of stock, its articles of

incorporation, in addition to the provisions of subsection

(1)of this section, shall

state:

(a)The total number of such shares of stock which may be issued and the par

value of each share;

(b)The fixed or maximum rate of dividends on the par value of such shares of

stock, in either case not exceeding four percent (4%) per annum, and whether

dividends shall be cumulative or noncumulative;

(c)Whether such shares of stock may be issued to members only or to members

and nonmembers;

(d)The maximum number of such shares of stock which may be owned by any

person;

(e)The terms and conditions on which such shares of stock may be transferred,

redeemed or retired.