Revision Note
Part heading added by revisor pursuant to §23G-15.
[§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]
Section: Previous 421c-27 421c-28 421c-29 421c-30 421c-31 421c-32 421c-33 421c-34 421c-35 421c-36 421c-37 421c-41 421c-42Last modified: October 27, 2016