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1999 SESSION

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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.


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