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2001 SESSION
HB 1791 Agricultural cooperative associations; forfeiture of equity.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles | history
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:
Agricultural cooperative associations; forfeiture of equity. Authorizes the bylaws and member agreements of an agricultural cooperative association to provide that when an agricultural cooperative association holds any membership or patronage equity to the credit of a person who has not had a current address on file with the association for at least three years, then the bylaws or member agreements of the association may provide that such equity is forfeited to the association. The forfeiture will occur only following publication and an opportunity for the equity to be claimed by such person or his next of kin. If there is no such provision in the association's bylaws or member agreements, or if there is no publication, then the Uniform Disposition of Unclaimed Property Act shall apply to such equity. Any forfeiture completed by an association prior to July 1, 2001, will be effective if such transfer was in compliance with the bylaws or member agreements of the association in effect at the time of the transfer, without regard to the publication requirements set out in the bill, and such transfer will not be subject to the Uniform Disposition of Unclaimed Property Act. This bill is identical to SB 950.
SUMMARY AS PASSED:
Agricultural cooperative associations; forfeiture of equity. Authorizes the bylaws and member agreements of an agricultural cooperative association to provide that when an agricultural cooperative association holds any membership or patronage equity to the credit of a person who has not had a current address on file with the association for at least three years, then the bylaws or member agreements of the association may provide that such equity is forfeited to the association. The forfeiture will occur only following publication and an opportunity for the equity to be claimed by such person or his next of kin. If there is no such provision in the association's bylaws or member agreements, or if there is no publication, then the Uniform Disposition of Unclaimed Property Act shall apply to such equity. Any forfeiture completed by an association prior to July 1, 2001, will be effective if such transfer was in compliance with the bylaws or member agreements of the association in effect at the time of the transfer, without regard to the publication requirements set out in the bill, and such transfer will not be subject to the Uniform Disposition of Unclaimed Property Act. This bill is identical to SB 950.
SUMMARY AS INTRODUCED:
Agricultural cooperative associations; forfeiture of equity. Authorizes the bylaws and member agreements of an agricultural cooperative association to provide that when an agricultural cooperative association holds any membership or patronage equity to the credit of a person who has not had a current address on file with the association for at least three years, then the bylaws or member agreements of the association may provide that such equity is forfeited to the association. The forfeiture will occur only following publication and an opportunity for the equity to be claimed by such person or his next of kin. If there is no such provision in the association's bylaws or member agreements, or if there is no publication, then the Uniform Disposition of Unclaimed Property Act shall apply to such equity.