14-542. Exemption. (1) Counties holding a certificate of exemption from the administrator shall not be subject to the provisions of this chapter.
A certificate of exemption shall be provided to a county on the following basis:
(a) The commissioners of such county file an election in writing with the administrator; and
(b) The county assumes the responsibilities of the administrator under this chapter to locate unclaimed property in county hands, and refund the same to its rightful owner, according to the provisions of this chapter; and
(c) The county establishes a revolving fund to pay claimants, and retains in said fund, an amount equal to twenty-five percent (25%) of the accumulated unclaimed property or twenty thousand dollars ($20,000), whichever is less. Excess money in the revolving fund may be transferred to the county current expense fund; and
(d) The county provides the administrator with the information required in the reports of abandoned property, to enable the administrator to maintain a complete central registry of all unclaimed property in the state.
In the event of revocation of the election or the administrator determines that the county has not complied with the requirements or exemption, the county’s exemption shall terminate and the county shall transfer all unclaimed property and unclaimed property records to the administrator.
(2) A nonprofit corporation engaged in providing telecommunications service or the transmission, distribution or delivery of electric power shall not be subject to the provisions of this chapter relative to the distribution (retirement) of capital credits to members of such nonprofit corporation after July 1, 1982. For the purposes of this section, a capital credit is defined as an amount paid by a member for telecommunication or electric service in excess of the costs and expenses incurred by a nonprofit corporation in furnishing the service which is credited to the member’s capital account by the nonprofit corporation. For capital credits distributed by the board of directors of such a nonprofit corporation that are not claimed by their member-owners, the nonprofit corporation distributing capital credits shall assume the responsibilities of the administrator under this chapter relative to notice, publication of unclaimed property lists, and refunds to rightful member-owners. Such nonprofit corporations who distribute capital credits shall establish a revolving fund to pay member-owners such capital credits and shall at all times maintain in said fund an amount equal to twenty-five percent (25%) of the accumulated capital credits presumed abandoned by the board of directors of said nonprofit corporations or twenty thousand dollars ($20,000), whichever is less. Moneys in said fund in excess of the amount required to be maintained shall be transferred to the general account of said nonprofit corporations to be used for any purpose for which said corporation is incorporated.
14-542. Exemption. (1) Counties holding a certificate of exemption from the administrator shall not be subject to the provisions of this chapter.
A certificate of exemption shall be provided to a county on the following basis:
(a) The commissioners of such county file an election in writing with the administrator; and
(b) The county assumes the responsibilities of the administrator under this chapter to locate unclaimed property in county hands, and refund the same to its rightful owner, according to the provisions of this chapter; and
(c) The county establishes a revolving fund to pay claimants, and retains in said fund, an amount equal to twenty-five percent (25%) of the accumulated unclaimed property or twenty thousand dollars ($20,000), whichever is less. Excess money in the revolving fund may be transferred to the county current expense fund; and
(d) The county provides the administrator with the information required in the reports of abandoned property, to enable the administrator to maintain a complete central registry of all unclaimed property in the state.
In the event of revocation of the election or the administrator determines that the county has not complied with the requirements or exemption, the county’s exemption shall terminate and the county shall transfer all unclaimed property and unclaimed property records to the administrator.
(2) A nonprofit corporation engaged in providing telecommunications service or the transmission, distribution or delivery of electric power shall not be subject to the provisions of this chapter relative to the distribution (retirement) of capital credits to members of such nonprofit corporation after July 1, 1982. For the purposes of this section, a capital credit is defined as an amount paid by a member for telecommunication or electric service in excess of the costs and expenses incurred by a nonprofit corporation in furnishing the service which is credited to the member’s capital account by the nonprofit corporation. For capital credits distributed by the board of directors of such a nonprofit corporation that are not claimed by their member-owners, the nonprofit corporation distributing capital credits shall assume the responsibilities of the administrator under this chapter relative to notice, publication of unclaimed property lists, and refunds to rightful member-owners. Such nonprofit corporations who distribute capital credits shall establish a revolving fund to pay member-owners such capital credits and shall at all times maintain in said fund an amount equal to twenty-five percent (25%) of the accumulated capital credits presumed abandoned by the board of directors of said nonprofit corporations or twenty thousand dollars ($20,000), whichever is less. Moneys in said fund in excess of the amount required to be maintained shall be transferred to the general account of said nonprofit corporations to be used for any purpose for which said corporation is incorporated.
14-542. Exemption. (1) Counties holding a certificate of exemption from the administrator shall not be subject to the provisions of this chapter.
A certificate of exemption shall be provided to a county on the following basis:
(a) The commissioners of such county file an election in writing with the administrator; and
(b) The county assumes the responsibilities of the administrator under this chapter to locate unclaimed property in county hands, and refund the same to its rightful owner, according to the provisions of this chapter; and
(c) The county establishes a revolving fund to pay claimants, and retains in said fund, an amount equal to twenty-five percent (25%) of the accumulated unclaimed property or twenty thousand dollars ($20,000), whichever is less. Excess money in the revolving fund may be transferred to the county current expense fund; and
(d) The county provides the administrator with the information required in the reports of abandoned property, to enable the administrator to maintain a complete central registry of all unclaimed property in the state.
In the event of revocation of the election or the administrator determines that the county has not complied with the requirements or exemption, the county’s exemption shall terminate and the county shall transfer all unclaimed property and unclaimed property records to the administrator.
(2) A nonprofit corporation engaged in providing telecommunications service or the transmission, distribution or delivery of electric power shall not be subject to the provisions of this chapter relative to the distribution (retirement) of capital credits to members of such nonprofit corporation after July 1, 1982. For the purposes of this section, a capital credit is defined as an amount paid by a member for telecommunication or electric service in excess of the costs and expenses incurred by a nonprofit corporation in furnishing the service which is credited to the member’s capital account by the nonprofit corporation. For capital credits distributed by the board of directors of such a nonprofit corporation that are not claimed by their member-owners, the nonprofit corporation distributing capital credits shall assume the responsibilities of the administrator under this chapter relative to notice, publication of unclaimed property lists, and refunds to rightful member-owners. Such nonprofit corporations who distribute capital credits shall establish a revolving fund to pay member-owners such capital credits and shall at all times maintain in said fund an amount equal to twenty-five percent (25%) of the accumulated capital credits presumed abandoned by the board of directors of said nonprofit corporations or twenty thousand dollars ($20,000), whichever is less. Moneys in said fund in excess of the amount required to be maintained shall be transferred to the general account of said nonprofit corporations to be used for any purpose for which said corporation is incorporated.
