17-1636.   Disposition of property, assets and good will; notice tostockholders.Any cooperative association or corporation, created, organized or existingunder the provisions of article 15 or article 16 of chapter 17 of the KansasStatutes Annotated, and any amendments thereto, or any cooperative associationor corporation organized under similar statutes of other states and licensed todo business in the state of Kansas, shall have the additional right and powerto make disposition of all or substantially all of the association's orcorporation's property, assets and good will, or good will, by sale, lease,exchange, or otherwise, to such individual, association, partnership, orcorporation on such terms and conditions and for such consideration as theboard of directors thereof may determine. Such transaction shall be authorizedor approved by the vote of not less than 2/3 in number of the members orholders of voting stock or, in the case of any such association or corporationwhose stockholders vote by shares, the holders of 2/3 in amount of theoutstandingshares of capital stock entitled to vote, represented and voting at any meetingduly called and held for such purpose in accordance with the bylaws, and uponwritten notice sent by first-class mail to every member or stockholder at suchmember's or stockholder's last-known post-office address at least 10 days priorto such meetings. In lieu of the vote of 2/3 of the members or the vote ofholders of 2/3 in amount of the outstanding shares of capital stock entitled tovote, the rights and powers granted by this section may be authorized byan association which is organized by a one person one vote plan by a vote of2/3 of the voting members or voting stockholders present and voting at any dulycalled meeting when approved by the unanimous vote of the board of directorspresent.

      History:   L. 1939, ch. 157, § 1; L. 1951, ch. 203, § 1; L. 1968,ch. 379, § 4; L. 1992, ch. 227, § 30; July 1.