99.100 Organization of redevelopment corporation -- Articles.

253 words·~1 min read·/ky/chapter-99/99-100

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

(1)At any time within twenty

(20)years of June 1, 1942, three

(3)or more persons may

form a redevelopment corporation on making, subscribing, acknowledging and

filing articles of incorporation and obtaining a certificate or charter pursuant to the

general corporation law, which charter shall be entitled and indorsed "Certificate or

Charter of Incorporation of .... Redevelopment Corporation," the blank space being

filled in with the remainder of the name of the corporation. Such articles of

incorporation shall contain the provisions required in, and may contain any

provisions consistent with the provisions of KRS 99.010 to 99.310 permitted in,

articles of incorporation filed pursuant to the general corporation law, except that:

(a)Included among the purposes for which the corporation is formed shall be the

formulation, obtaining the approval of, and putting into effect of a

development plan, the acquisition of real property in a development area, and

the construction, maintenance and operation of a development pursuant to

KRS 99.010 to 99.310;

(b)The duration of the corporation shall not be less than twenty

(20)years; and

(c)The certificate or charter shall contain a declaration that the redevelopment

corporation has been organized to serve a public purpose, and that it shall be

subject to supervision and control as provided in KRS 99.010 to 99.310.

(2)A copy of such articles of incorporation shall be filed with the planning commission

and the supervising agency having jurisdiction within thirty

(30)days of its being

filed in the office of the Secretary of State.