54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements. (1) As used in this section: (a) "Cooperative" means a: (i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or (ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state. (b) "Unclaimed capital credit" means a capital credit issued by a cooperative to the cooperative's customer that is unclaimed on the last day of the year three years after the year in which the credit was issued. (2) A cooperative shall retain an unclaimed capital credit. (3) A cooperative shall use the proceeds of a retained unclaimed capital credit to: (a) pay all or a portion of a low-income individual's utility bills; (b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or (c) provide financial assistance to, in the area where the cooperative provides service: (i) a school; (ii) a non-profit organization; or (iii) a community organization. (4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on: (a) a recipient's financial or other needs; and (b) the recipient community's interests. (5) A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes: (a) the amount of unclaimed capital credits retained by the cooperative; (b) the amount and recipients of financial assistance disbursed under this section; and (c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.
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