|
Senate Engrossed |
|
State of Arizona Senate Fifty-third Legislature First Regular Session 2017
|
|
SENATE BILL 1129 |
|
|
|
|
AN ACT
amending title 10, chapter 19, article 2, Arizona Revised Statutes, by adding section 10‑2071; relating to electric cooperative nonprofit membership corporations.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 10, chapter 19, article 2, Arizona Revised Statutes, is amended by adding section 10-2071, to read:
10-2071. Unclaimed patronage capital credits; fees; uses; exemption; definition
A. Any patronage capital credit or fee payment from a cooperative to its member or former member is an unclaimed capital credit or fee if The credit or fee remains unclaimed for either of the following:
1. A period of time as delineated in the cooperative's bylaws.
2. If the bylaws do not delineate time as described in paragraph 1 of this subsection, two years after the payment was made available to the member or former member.
B. A cooperative may use an unclaimed capital credit or fee, in accordance with the cooperative's bylaws, for any of the following purposes:
1. Financial assistance to students.
2. Financial assistance to schools, nonprofit organizations or community organizations.
3. Utility bill assistance to low‑income cooperative members.
4. Other charitable purposes approved by the board of directors of the cooperative.
C. Unclaimed capital credits and fees are exempt from title 44, chapter 3.
D. For the purposes of this section, "patronage capital" includes all amounts received by a cooperative from sales of electric power, energy distribution services or other services to members in excess of the cooperative's cost of furnishing electric power, energy distribution services or other services to members and other margins as determined by the board of directors of the cooperative.
Sec. 2. Retroactivity
This act applies retroactively to from and after December 31, 2000.