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Code · Kentucky · Chapter 279 — Rural electric and rural telephone cooperative corporations

279.480 Dissolution.

308 words·~1 min read·/ky/chapter-279/279-480

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

(1)Any corporation formed under KRS 279.310 to 279.600 may be dissolved by filing
articles of dissolution, which shall be entitled and indorsed "Articles of Dissolution
of ...." and shall state:
(a)The name of the corporation and, if it is a consolidated corporation, the names
of the original corporations.
(b)The date of filing of the articles of incorporation and, if the corporation is a
consolidated corporation, the dates on which the articles of incorporation of
the original corporations were filed.
(c)That the corporation elects to dissolve.
(d)The name and post office address of each of its directors, and the name, title
and post office address of each of its officers.
(2)The articles of dissolution shall be subscribed and acknowledged in the same
manner as original articles of incorporation, by the president or a vice president and
the secretary or an assistant secretary, who shall make and attach an affidavit stating
that they have been authorized to execute and file the articles by a majority vote of
all the members, and shareholders.
(3)Articles of dissolution shall be filed, recorded and approved in the same manner,
and shall take effect upon approval, as is provided in KRS 279.350 for articles of
incorporation.
(4)The corporation filing articles of dissolution shall continue in existence for the
purpose of paying, satisfying and discharging any existing liabilities or obligations
and collecting or liquidating its assets, and doing all other acts required to adjust
and wind up its business and affairs, and may sue and be sued, contract and be
contracted with in its corporate name. Any assets remaining after the liabilities and
obligations of the corporation have been satisfied or discharged shall be ratably
distributed to the shareholders, members and nonmember patrons of the corporation
in accordance with the manner in which their respective rights may appear.
★   the supreme law of the land   ★
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