[§421C-42] Disposition of non-escheat patronage refunds. (a) An electric utility cooperative association shall transfer all non-escheat patronage refunds to a nonprofit corporation incorporated pursuant to chapter 414D. (b) The nonprofit corporation to which non-escheat patronage refunds are transferred pursuant to subsection (a) shall use the non-escheat patronage refunds to: (1) Fund electric energy assistance programs for low-income persons who reside in the service area of the electric utility cooperative association; (2) Make donations to other nonprofit charitable and community organizations, as authorized by its board of directors; (3) Grant educational scholarships to individuals who reside in the service area of the electric utility cooperative association; or (4) Support other appropriate uses for the benefit of the general membership of the electric utility cooperative association, as may be authorized by its board of directors. [L 2005, c 52, pt of §1]
‹ Prev All Hawaii sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.