Florida Statutes Title XXX Chapter 425 - Rural Electric Cooperatives
- 425.01 - Short Title.
This chapter may be cited as the “Rural Electric Cooperative Law.”History.—s. 1, ch. 19138, 1939; CGL 1940 Supp. 6494(43).
- 425.02 - Purpose.
Cooperative, nonprofit, membership corporations may be organized under this chapter for the purpose of supplying electric energy and promoting and extending the use thereof in...
- 425.03 - Definitions.
In this chapter, unless the context otherwise requires:(1) “Rural area” means any area not included within the boundaries of any incorporated or unincorporated city, town, village,...
- 425.04 - Powers.
A cooperative shall have power:(1) To sue and be sued, in its corporate name;(2) To have perpetual existence;(3) To adopt a corporate seal and alter the same at...
- 425.045 - Meetings Of Trustees; Records.
(1) All meetings of any board of trustees of a cooperative organized pursuant to this chapter, or the board of any affiliated company or subsidiary thereof,...
- 425.05 - Name.
The name of each cooperative shall include the words “electric” and “cooperative” and the abbreviation “inc.”; provided, however, such limitation shall not apply if, in...
- 425.06 - Incorporators.
Five or more natural persons or two or more cooperatives, may organize a cooperative in the manner hereinafter provided.History.—s. 5, ch. 19138, 1939; CGL 1940...
- 425.07 - Articles Of Incorporation.
(1) The articles of incorporation of a cooperative shall recite in the caption that they are executed pursuant to this chapter, shall be signed and acknowledged...
- 425.08 - Bylaws.
The original bylaws of a cooperative, and the first bylaws for a corporation after the effective date of the conversion thereof into a cooperative, pursuant...
- 425.09 - Members.
(1) No person who is not an incorporator shall become a member of a cooperative unless such person agrees to use electric energy furnished by the...
- 425.10 - Board Of Trustees.
(1) The business and affairs of a cooperative shall be managed by a board of not less than five trustees, each of whom shall be a...
- 425.11 - Voting Districts.
Notwithstanding any other provision of this chapter, the bylaws may provide that the territory in which a cooperative supplies electric energy to its members shall...
- 425.12 - Officers.
The officers of a cooperative shall consist of a president, vice president, secretary and treasurer, who shall be elected annually by and from the board...
- 425.13 - Amendment Of Articles Of Incorporation.
A cooperative may amend its articles of incorporation by complying with the following requirements:(1) The proposed amendment shall first be approved by the board of trustees...
- 425.14 - Consolidation.
Any two or more cooperatives, each of which is hereinafter designated a “consolidating cooperative,” may consolidate into a new cooperative, hereinafter designated the “new cooperative,”...
- 425.15 - Merger.
Any one or more cooperatives, each of which is hereinafter designated a “merging cooperative,” may merge into another cooperative, hereinafter designated the “surviving cooperative,” by...
- 425.16 - Effect Of Consolidation Or Merger.
The effect of consolidation or merger shall be as follows:(1) The several cooperatives, parties to the consolidation or merger, shall be a single cooperative, which, in...
- 425.17 - Conversion Of Existing Corporations.
Any corporation organized under the laws of this state for the purpose, among others, of supplying electric energy in rural areas may be converted into...
- 425.18 - Initiative By Members.
Notwithstanding any other provision of this chapter, any proposition embodied in a petition signed by not less than 10 percent of the members of a...
- 425.19 - Dissolution.
(1) A cooperative which has not commenced business may dissolve voluntarily by delivering to the Department of State articles of dissolution, executed and acknowledged on behalf...
- 425.20 - Filing Of Articles.
Articles of incorporation, amendment, consolidation, merger, conversion, or dissolution, as the case may be, when executed and acknowledged and accompanied by such affidavits as may...
- 425.21 - Refunds To Members.
Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary:(1) To defray expenses of the cooperative and of the operation and...
- 425.22 - Disposition Of Property.
A cooperative may not sell, mortgage, lease or otherwise dispose of or encumber all or any substantial portion of its property unless such sale, mortgage,...
- 425.23 - Nonliability Of Members For Debts Of Cooperative.
The private property of the members of a cooperative shall be exempt from execution for the debts of the cooperative and no member shall be...
- 425.24 - Recordation Of Mortgages.
Any mortgage, deed of trust, or other instrument executed by a cooperative or foreign corporation transacting business in this state pursuant to this chapter, which,...
- 425.25 - Waiver Of Notice.
Whenever any notice is required to be given under the provisions of this chapter or under the provisions of the articles of incorporation or bylaws...
- 425.26 - Trustees, Officers Or Members, Notaries.
No person who is authorized to take acknowledgments under the laws of this state shall be disqualified from taking acknowledgments of instruments executed in favor...
- 425.27 - Foreign Corporations.
Any corporation organized under the laws of another state on a nonprofit or a cooperative basis for the purpose of supplying electric energy in rural...
- 425.28 - Fees.
The Department of State shall charge and collect for:(1) Filing articles of incorporation, $17.50;(2) Filing articles of amendment, $8.75;(3) Filing articles of consolidation or merger, $8.75;(4) Filing articles of...
- 425.29 - Exemption From Sale Of Securities Law.
The provisions of the 1Sale of Securities Law shall not apply to any note, bond or other evidence of indebtedness issued by any cooperative or...
Last modified: September 23, 2016