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You do not own your Kobo books. They are licensed to you, and you alone.
I explicitly asked Kobo about this back in October 2012.
"I am asking about the licence terms.
May I let my spouse read ebooks that I have bought (on a device authorised to my Adobe ID)?
May I let my children read ebooks that I have bought (on a device authorised to my Adobe ID)?
May I let a close friend read ebooks that I have bought (on a device authorised to my Adobe ID)?
[…]I do want to understand how many copies of an ebook you expect a household to buy if everyone in the household wants to read it."
Kobo replied
"Legally, only the account holder has license to use the material. "
The same question to Amazon got the following
"In terms of use, you have purchase[d] a copy of a book with us, and it is your copy. You may authorize any one you wish to read it, but that person's device must be registered to your account to do so."
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