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1999 SESSION
SB 1334 Donation of certain patronage capital to the cooperative.
Introduced by: Charles J. Colgan | 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 can 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 HB 2355.
FULL TEXT
- 01/21/99 Senate: Presented & ordered printed 994657633 pdf
- 02/09/99 Senate: Printed as engrossed 994657633-E pdf
- 03/04/99 Senate: Bill text as passed Senate and House (SB1334ER) pdf
- 04/13/99 Governor: Acts of Assembly Chapter text (CHAP0940) pdf
AMENDMENTS
HISTORY
- 01/21/99 Senate: Presented & ordered printed 994657633
- 01/21/99 Senate: Referred to Committee on Commerce and Labor
- 02/08/99 Senate: Reported from C. & L. with amendments (9-Y 6-N)
- 02/09/99 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/09/99 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/09/99 Senate: Read second time
- 02/09/99 Senate: Reading of amendments waived
- 02/09/99 Senate: Committee amendments agreed to
- 02/09/99 Senate: Engrossed by Senate as amended
- 02/09/99 Senate: Printed as engrossed 994657633-E
- 02/09/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/09/99 Senate: VOTE: CONST. RDG. DISPENSED (40-Y 0-N)
- 02/09/99 Senate: Passed Senate (29-Y 9-N)
- 02/09/99 Senate: VOTE: PASSAGE (29-Y 9-N)
- 02/09/99 Senate: Communicated to House
- 02/12/99 House: Placed on Calendar
- 02/15/99 House: Read first time
- 02/15/99 House: Referred to Committee on General Laws
- 02/15/99 House: Reported from General Laws (26-Y 0-N)
- 02/15/99 House: Referred to Committee on Corporations, Insurance and Banking
- 02/23/99 House: Reported from Corp., Ins. & Banking (21-Y 5-N)
- 02/23/99 House: Read second time
- 02/24/99 House: Read third time
- 02/24/99 House: Passed House (96-Y 2-N)
- 02/24/99 House: VOTE: PASSAGE (96-Y 2-N)
- 03/04/99 Senate: Bill text as passed Senate and House (SB1334ER)
- 03/12/99 Senate: Enrolled
- 03/12/99 House: Signed by Speaker
- 03/15/99 Senate: Signed by President
- 03/29/99 Senate: Governor's recommendation received by Senate
- 04/07/99 Senate: Placed on Calendar
- 04/07/99 Senate: Senate rejected Gov's recommendation (5-Y 35-N)
- 04/07/99 Senate: VOTE: ADOPT GOV. RECOMM. (5-Y 35-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: Passed in enrolled form (81-Y 12-N)
- 04/07/99 House: VOTE: PASSAGE (81-Y 12-N)
- 04/07/99 House: Bill became law, Chapter 940 (effective-see bill)
- 04/13/99 Governor: Acts of Assembly Chapter text (CHAP0940)