54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.

282 words·~1 min read·/ut/title-54/chapter-3/54-3-26

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/10/2016

(1)As used in this section:

(a)"Cooperative" means a:

(i)distribution electrical cooperative, as defined in Section 54-2-1 , that is incorporated in the state; or

(ii)telephone cooperative, as defined in Section 54-2-1 , that is incorporated in the state.

(b)"Unclaimed capital credit" means a capital credit issued by a cooperative to the cooperative's customer that is unclaimed on the last day of the year three years after the year in which the credit was issued.

(2)A cooperative shall retain an unclaimed capital credit.

(3)A cooperative shall use the proceeds of a retained unclaimed capital credit to:

(a)pay all or a portion of a low-income individual's utility bills;

(b)provide scholarships to graduating high school seniors in the area where the cooperative provides service; or

(c)provide financial assistance to, in the area where the cooperative provides service:

(i)a school;

(ii)a non-profit organization; or

(iii)a community organization.

(4)A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:

(a)a recipient's financial or other needs; and

(b)the recipient community's interests.

(5)A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:

(a)the amount of unclaimed capital credits retained by the cooperative;

(b)the amount and recipients of financial assistance disbursed under this section; and

(c)the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.

Amended by Chapter 315 , 2016 General Session