Skip to main content
Find a Lawyer

Kentucky Revised Statutes Title XXIII. Private Corporations and Associations § 272A.12-030.Judicial dissolution

Current as of January 01, 2024 | Updated by FindLaw Staff

(1) The appropriate court may dissolve a limited cooperative association or order any action that under the circumstances is appropriate and equitable:

(a) In a proceeding initiated by the Attorney General, if:

1. The association obtained its articles of association through fraud; or

2. The association has continued to exceed or abuse the authority conferred upon it by law; or

(b) In a proceeding initiated by a member if:

1. The directors are deadlocked in the management of the association's affairs, the members are unable to break the deadlock, and irreparable injury to the association is occurring or is threatened because of the deadlock;

2. The directors or those in control of the association have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent;

3. The members are deadlocked in voting power and have failed to elect successors to directors whose terms have expired for two (2) consecutive periods during which annual members meetings were held or were to be held; or

4. The assets of the association are being misapplied or wasted.

(2) The clerk of the court shall deliver a certified copy of the decree of dissolution to the Secretary of State, who shall file it. The dissolution shall be effective upon the latter of the date specified by the court or the filing of the decree of dissolution by the Secretary of State.

(3) After entering the decree of dissolution, the appropriate court shall direct the winding up and liquidation of the business and affairs of the limited cooperative association and the notification of claimants in accordance with this chapter.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXIII. Private Corporations and Associations § 272A.12-030.Judicial dissolution - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xxiii-private-corporations-and-associations/ky-rev-st-sect-272a-12-030/

Read this complete Kentucky Revised Statutes Title XXIII. Private Corporations and Associations § 272A.12-030.Judicial dissolution on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Kentucky Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

    More Options
    Copied to clipboard