State Codes and Statutes
Statutes > Virginia > Title-56 > Chapter-9-1 > 56-231-31-1§ 56-231.31:1. Donation of certain patronage capital to the cooperative.
Notwithstanding any other provision of law, when there is held by anycooperative any retired patronage capital to the credit of (i) a deceasedperson who has no spouse or next of kin identified in the records of thecooperative or (ii) a member or former member who has terminated service andwho does not have a current address on file with the cooperative, then thebylaws or member agreements of the cooperative may provide that such creditsshall be deemed to have been transferred as a gift to the cooperative andshall thereafter be the property of the cooperative; however, after July 1,1999, such credits may be deemed gifts to the cooperative only if thecooperative publishes notice of such credit in its regular member publicationand a publication of general circulation, and such credit is not claimed bysuch member, former member or next of kin within 120 days of such publicationor such longer period as set out in the bylaws or member agreements of thecooperative. If there is no such provision in the cooperative's bylaws ormember agreement, or if there is no publication, then any unclaimed creditshall be treated in accordance with the Uniform Disposition of UnclaimedProperty Act (§ 55-210.1 et seq.). This section shall apply only tocooperatives organized under or governed by this article for the purpose ofproviding regulated electric utilities service on a mutual, not-for-profitbasis, with a board democratically elected by its member consumers.
(1999, cc. 939, 940.)
