44-12-236. Alternative method of disposition with respect to certain dividends or capital credits which are presumed abandoned; definitions; procedures.

As used in this Code section, the term:#

1. (1)

   “Approved uses” means:#

   1. (A)

      Donated to an Internal Revenue Code Section 501(c)(3) organization serving in the electric membership corporation’s service area;#

   2. (B)

      Used in support of education in the electric membership corporation’s service area; or#

   3. (C)

      Used for economic development purposes in the electric membership corporation’s service area.#

2. (2)

   “Electric membership corporation’s service area” means any county in which the electric membership corporation provides electric service and any county adjacent thereto.#

All patronage dividends or capital credits presumed abandoned pursuant to this article in a given calendar year that are held by an electric membership corporation organized and operating pursuant to Article 4 of Chapter 3 of Title 46 may, in lieu of payment of delivery to the commissioner pursuant to this article, be donated for approved uses if the electric membership corporation has:#

1. (1)

   Maintained for at least six months on the electric membership corporation’s website or on a public posting in the electric membership corporation’s main office a list of the names and last known addresses of all owners of property held by the electric membership corporation which has been presumed abandoned, together with instructions on how to claim such property; and#

2. (2)

   Published in the legal organ in the county in which the electric membership corporation’s main office is located notice of the last date to claim property that has been presumed abandoned. Such notice shall be published within three to six months prior to the last date to claim the property and shall state that the names of the owners may be found at the electric membership corporation’s website or the main office.#