[§421C-42] Disposition of non-escheat patronage refunds.
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[§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]