§ 1248a - Electric utility cooperatives
§ 1248a. Electric utility cooperatives
(a) Electric utility cooperatives organized under or otherwise subject to 30 V.S.A. chapter 81 shall report capital credits which have been retired and declared payable by the cooperative's board of directors, but which 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 treasurer. For purposes of this section, capital credits shall mean those credits to a capital account of a member of an electric utility cooperative which the cooperative is obliged to pay after operating costs and expenses have been paid.
(b) The treasurer shall provide notice of unclaimed capital credit properties reported by electric utilities in accordance with the provisions of section 1249 of this title. In the event of a claim for a capital credit property, the treasurer 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 treasurer of the resolution of all claims for unclaimed property. (Added 2007, No. 190 (Adj. Sess.), § 51, eff. June 6, 2008.)