272A.8-170 Committees. (1) Unless the organic rules otherwise provide, a board of directors may create one (1) or more committees and appoint one (1) or more individuals to serve on a committee. (2) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director or member. (3) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee. (4) Unless the organic rules otherwise provide, each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not: (a) Approve allocations or distributions, except according to a formula or method prescribed by the board of directors; (b) Approve or propose to the members action requiring approval of the members; or (c) Fill vacancies on the board of directors or any of its committees. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 70, effective July 12, 2012.
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