Ayers v. Burley Tobacco Growers Cooperative Ass'n

BIRD, Chief Justice.

Burley Tobacco Growers Cooperative Association was incorporated on January 11, 1922, under what is now known as Chapter 272, Kentucky Revised Statutes. The statutes then provided that the articles of incorporation specify the term for which the association is to exist, not however to exceed fifty years. (KRS 272.130 prior to 1960 amendment.) Pursuant to this authority the term was fixed in the original articles of incorporation at twenty years. Near the expiration of that period, and pursuant to statutes then in force, the articles were amended by a vote of two-thirds of…