[§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]