Associations covered by this section must adopt bylaws within 30 days after incorporation, and the bylaws must be adopted by a majority of the board of directors.
272.420 Bylaws. Each association incorporated under KRS 272.360 to 272.510 must, within thirty (30) days after its incorporation, adopt for its government and management a code of bylaws, not inconsistent with the powers granted by KRS 272.360 to 272.510. Such bylaws shall be adopted by a majority of the board of directors. Each association, under its bylaws, may provide for any or all of the following matters: (1) The time, place, and manner of calling and conducting its meetings. (2) The number of members constituting a quorum. (3) The right of members to vote by proxy or by mail or both; and the conditions, manner, form, and effect of such votes. (4) The number of directors constituting a quorum. (5) The qualifications, compensation, and duties and term of office of directors and officers, the time of their election and the mode and manner of giving notice thereof. (6) Penalties for violations of the bylaws. (7) The amount of entrance, organization, and membership fees, if any; the manner and method of collection of the same; and the purposes for which they may be used. (8) The amount which each member shall be required to pay annually or from time to time, if at all, to carry on the business of the association; the charge, if any, to be paid by each member or stockholder for services rendered by the association to him and the time of payment and the manner of collection. (9) The method of appraisal of livestock and the manner of payment of indemnities for same. (10) The number and qualification of members of the association and the conditions precedent to membership; the method, time, and manner of permitting members to withdraw; the manner of assignment and transfer of the interest of members; the conditions upon which and time when membership of any member shall cease; the automatic suspension of the rights of a member when he ceases to be eligible to membership in the association; and the mode, manner, and effect of the expulsion of a member; the manner of determining the value of a member's interest and provision for its purchase by the association upon the death or withdrawal of a member, or upon the expulsion of a member or forfeiture of his membership, or, at the option of the association, the purchase at a price fixed by conclusive appraisal by the board of directors, in which case the board of directors shall equitably and conclusively appraise his property interests in the association and shall fix the amount thereof in money, which shall be paid to him within one (1) year after such expulsion or withdrawal. History: Created 1942 Ky. Acts ch. 88, sec. 8.