resources / Statutes / Nonprofit Corporations /§10-2071
Title 10 – Corporations and Associations
Chapter 19 – Not For Profit Corporations And Associations, Cooperatives And Fraternal And Benevolent Societies
Article 2 – Electric Cooperative Nonprofit Membership Corporations
- A. A patronage capital credit retirement payment or fee payment from a cooperative to its member or former member is an unclaimed capital credit or fee if the credit or fee remains unclaimed for a period of two years after the payment was made available to the member or former member.
- B. All unclaimed capital credits or fees are exempt from title 44, chapter 3, and a cooperative may retain or use all unclaimed capital credits or fees for any lawful purpose.
- C. A cooperative may retain, use or assign all unclaimed capital credits or fees for any lawful purpose if the purpose is consistent with the cooperative’s bylaws and is specified by the cooperative’s board of directors.
- D. The cooperative shall pay a verifiable unclaimed capital credit or fee claim by a member or former member originating on, before and after August 3, 2018.
- E. Each cooperative shall maintain a searchable list on its website that contains the name and last known address of each member or former member appearing from the cooperative’s records to be the owner of the unclaimed capital credits or fees of fifty dollars or more and instructions on how to claim the unclaimed capital credits or fees. The list shall include records from and after December 31, 2001.
- F. For the purposes of this section, “patronage capital” includes all amounts received by a cooperative from sales of electric power, energy distribution services or other services to members in excess of the cooperative’s cost of furnishing electric power, energy distribution services or other services to members and other margins as determined by the board of directors of the cooperative.