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1999 SESSION
HB 2355 Distribution cooperatives; donation of certain patronage capital.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Distribution cooperatives; donation of certain patronage capital to the cooperative. Allows cooperative bylaws or member agreements to deem that retired patronage capital of (i) a deceased person with no identifiable spouse or next of kin or (ii) a member or former member who has terminated service and may not be located is a gift to the cooperative. Such credits may be deemed a gift to the distribution cooperative only if the cooperative publishes notice of such retired patronage capital in its regular member publication and a publication of general circulation, and the retired patronage capital credit remains unclaimed for at least 120 days, or longer if set out in the bylaws or member agreement. If the cooperative does not publish such notice or does not have a provision in its bylaws or member agreement pertaining to retired patronage capital, the unclaimed retired patronage capital is treated in accordance with the Uniform Disposition of Unclaimed Property Act.
The bill also declares that its provisions are applicable only to cooperatives organized on a mutual, not-for-profit basis, with a democratically elected board. The bill’s provisions with respect to its notice and publication provisions become effective July 1, 1999, and the other provisions of the bill are declared to be declaratory of existing law. This bill is identical to SB 1334, already passed by the General Assembly.
FULL TEXT
- 01/21/99 House: Presented & ordered printed 993701322 pdf
- 02/08/99 House: Printed as engrossed 993701322-E pdf
- 03/09/99 House: Bill text as passed House and Senate (HB2355ER) pdf
- 04/13/99 Governor: Acts of Assembly Chapter text (CHAP0939) pdf
AMENDMENTS
HISTORY
- 01/21/99 House: Presented & ordered printed 993701322
- 01/21/99 House: Referred to Committee on Corporations, Insurance and Banking
- 01/26/99 House: Assigned to C. I. B. sub-committee: 4
- 02/03/99 House: Reported from C. I. B. w/amds. (20-Y 4-N)
- 02/04/99 House: Read first time
- 02/05/99 House: Passed by for the day
- 02/06/99 House: Passed by for the day
- 02/07/99 House: Passed by for the day
- 02/08/99 House: Read second time
- 02/08/99 House: Committee amendments agreed to
- 02/08/99 House: Engrossed by House as amended
- 02/08/99 House: Printed as engrossed 993701322-E
- 02/09/99 House: Read third time and passed House (98-Y 0-N)
- 02/09/99 House: VOTE: PASSAGE (98-Y 0-N)
- 02/09/99 House: Communicated to Senate
- 02/10/99 Senate: Constitutional reading dispensed
- 02/10/99 Senate: Referred to Committee on Commerce and Labor
- 02/22/99 Senate: Reported from C. & L. with amendments (10-Y 5-N)
- 02/23/99 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/23/99 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/23/99 Senate: Passed by for the day
- 02/24/99 Senate: Read third time
- 02/24/99 Senate: Reading of amendments waived
- 02/24/99 Senate: Committee amendments agreed to
- 02/24/99 Senate: Engrossed by Senate as amended
- 02/24/99 Senate: Passed Senate with amendments (33-Y 7-N)
- 02/24/99 Senate: VOTE: PASSAGE (33-Y 7-N)
- 02/25/99 House: Placed on Calendar
- 02/25/99 House: Senate amendments agreed to by House (96-Y 2-N)
- 02/25/99 House: VOTE: ADOPTION (96-Y 2-N)
- 03/09/99 House: Bill text as passed House and Senate (HB2355ER)
- 03/12/99 House: Enrolled
- 03/12/99 House: Signed by Speaker
- 03/15/99 Senate: Signed by President
- 03/29/99 House: Governor's recommendation received by House
- 04/07/99 House: Placed on Calendar
- 04/07/99 House: Pending question ordered
- 04/07/99 House: House rejected Gov's recommendation (12-Y 86-N)
- 04/07/99 House: VOTE: ADOPTION (12-Y 86-N)
- 04/07/99 House: Passed in enrolled form (83-Y 13-N)
- 04/07/99 House: VOTE: PASSAGE (83-Y 13-N)
- 04/07/99 Senate: Passed in enrolled form (33-Y 7-N)
- 04/07/99 Senate: VOTE: PASSAGE-ENROLLED BILL (33-Y 7-N)
- 04/07/99 Senate: Rec. of Gov's recommendation agreed to (40-Y 0-N)
- 04/07/99 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 04/07/99 Senate: Passed in enrolled form (33-Y 7-N)
- 04/07/99 Senate: VOTE: PASSAGE-ENROLLED BILL (33-Y 7-N)
- 04/07/99 House: Bill became law, Chapter 939 (effective-see bill)
- 04/13/99 Governor: Acts of Assembly Chapter text (CHAP0939)