§ 1496. Electric utility cooperatives (a) Electric utility cooperatives organized under or otherwise subject to 30 V.S.A. chapter 81 shall report capital credits that have been retired and declared payable by the cooperative’s board of directors, but that have not been claimed by the owner in accordance with the provisions of this chapter. Electric utility cooperatives shall not pay or deliver the unclaimed capital credits to the Administrator. As used in this section, “capital credits” means those credits to a capital account of a member of an electric utility cooperative that the cooperative is obliged to pay after operating costs and expenses have been paid. (b) The Administrator shall provide notice of unclaimed capital credit properties reported by electric utilities in accordance with the provisions of section 1503 of this title. In the event of a claim for a capital credit property, the Administrator shall refer the claimant to the appropriate electric utility cooperative who shall evaluate the claim and upon provision of satisfactory proof of ownership shall pay the claimant. (c) The electric utility cooperative shall notify the Administrator of the resolution of all claims for unclaimed property.
‹ Prev All Vermont 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.