299.240 Fixing amount and shares of capital stock -- Sale of stock.
119 words·~1 min read·
/ky/chapter-299/299-240A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)At the meeting to change the form of the company, if the proposed change is
approved, the amount of the capital stock of the reorganized company shall be fixed
within the limits prescribed by law for companies of the type to which the change is
made, and the par value of the shares and the number of shares into which the
capital stock is to be divided shall be determined.
(2)The policyholders of the assessment or cooperative company shall have the first
right to subscribe for stock, subject to such equitable regulations as the directors
may prescribe. All subscriptions for shares of stock shall be paid for in cash and at a
price not less than par.