279.390 Members and shareholders -- Requirements for membership.

233 words·~1 min read·/ky/chapter-279/279-390

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

(1)Each incorporator of a cooperative shall be a member thereof but no other person

may become a member thereof unless such other person agrees to use telephone

service furnished by the cooperative when it is made available through its facilities.

Membership in a cooperative shall be evidenced by a certificate of membership

which shall not be transferable, except as provided in the bylaws. The bylaws may

prescribe additional qualifications and limitations in respect of membership,

provided that ownership of shares of stock, if any are authorized, shall not be a

condition of membership in the cooperative.

(2)In case the issuance of shares of stock is provided for in the articles of

incorporation, ownership thereof shall be evidenced by share certificates. No share

of stock shall be issued except for cash, or for property at its fair value, in an

amount equal to the par value of such share of stock.

(3)Membership and share certificates shall contain such provisions, consistent with

KRS 279.310 to 279.600 and the articles of incorporation of the cooperative, as

shall be prescribed by its bylaws.

(4)No member or shareholder shall be liable or responsible for any debts of the

cooperative and the property of the members and shareholders shall not be subject

to execution therefor except as the member or shareholder may become personally

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