[§421C-42]  Disposition of non-escheatpatronage refunds.  (a)  An electric utility cooperative association shalltransfer all non-escheat patronage refunds to a nonprofit corporationincorporated pursuant to chapter 414D.

(b)  The nonprofit corporation to whichnon-escheat patronage refunds are transferred pursuant to subsection (a) shalluse the non-escheat patronage refunds to:

(1)  Fund electric energy assistance programs forlow-income persons who reside in the service area of the electric utility cooperativeassociation;

(2)  Make donations to other nonprofit charitable andcommunity organizations, as authorized by its board of directors;

(3)  Grant educational scholarships to individuals whoreside in the service area of the electric utility cooperative association; or

(4)  Support other appropriate uses for the benefit ofthe general membership of the electric utility cooperative association, as maybe authorized by its board of directors. [L 2005, c 52, pt of §1]