§ 1421. Property held by rural electric cooperatives.
162 words·~1 min read·
/ny/abandoned-property/general-provisions/1421·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1421. Property held by rural electric cooperatives. 1. For the
purposes of this section, "rural electric cooperatives" shall include
any corporation organized or qualified to do business in this state
pursuant to the rural electric cooperative law.
2. Notwithstanding any other provision of this chapter to the
contrary, any share of stock, credit, dividend, profit, patronage
refund, distribution, interest, equity certificate, equity retain,
payment, or other money or property which:
(a)is in the possession of a rural electric cooperative organized or
qualified to do business in this state pursuant to the rural electric
cooperative law; or
(b)evidences membership in or resulted from patronage with a rural
electric cooperative or the predecessor of such cooperative; or
(c)is held for, allocated to the account of, allocated in the name of
or owing by a rural electric cooperative to a member, stockholder,
patron or other person; shall not be deemed abandoned property or
otherwise subject to the provisions of this chapter.