§ 272a-8-030

272A.8 -030 Director qualifications. (1) Unless the organic rules otherwise provide, and subject to subsection (3) of this section, each director of a limited cooperative association shall be an individual who is a member of the association or an individual who is designated by an entity member f or purposes of qualifying and serving as a director. Initial directors need not be members. (2) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association. (3) If the organic rules provide fo r nonmember directors, the number of nonmember directors may not exceed: (a) One (1), if there are two (2) through four (4) directors; (b) Two (2), if there are five (5) through eight (8) directors; or (c) One-third (1/3) of the total number of directors i f there are at least nine (9) directors. (4) The organic rules may provide qualifications for directors in addition to those in this section. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 56, effective July 12, 2012.