272A.8 -070 Removal of director. (1) Members may remove a director with or without cause. (2) A member or members holding at least ten percent (10%) of the total voting power entitled to be voted in the election of a director may demand removal of the director by one (1) or more signed petiti ons submitted to the officer of the limited cooperative association charged with keeping its records. (3) Upon receipt of a petition for removal of a director, an officer of the association or the board of directors shall: (a) Call a special meeting of mem bers to be held not later than forty -five (45) days after receipt of the petition by the association; and (b) Mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal, and to the director to be removed, notice of the meeting which complies with KRS 272A.5 -070. (4) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 60, effecti ve July 12, 2012.
Kentucky Legal Code