272A.10 -030 Contribution agreements. (1) Except as otherwise provided in the agreement, the following rules apply to an agreement made by a person before formation of a limited cooperative association to make a contribution to the association: (a) The agreement is irrevocable for six (6) months a fter the agreement is signed by the person unless all parties to the agreement consent to the revocation; and (b) If a person does not make a required contribution: 1. The person is obligated, at the option of the association, once formed, to contribute mo ney equal to the value of that part of the contribution that has not been made, and the obligation may be enforced as a debt to the association; or 2. The association, once formed, may rescind the agreement if the debt remains unpaid more than twenty (20) days after the association demands payment from the person, and upon rescission the person has no further rights or obligations with respect to the association. (2) With respect to any agreement to make a contribution to a limited cooperative association m ade at the time of or subsequent to its formation, unless the organic rules or an agreement to make a contribution to a limited agreement to make a contribution to a limited cooperative association m ade at the time of or subsequent to its formation, unless the organic rules or an agreement to make a contribution to a limited cooperative association otherwise provide, if a person does not make a required contribution to an association, the person or th e person's estate is obligated, at the option of the association, to contribute money equal to the value of the part of the contribution which has not been made. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 79, effective July 12, 2 012.
Kentucky Legal Code