                                 CODE OF VIRGINIA

DONATION OF CERTAIN PATRONAGE CAPITAL TO THE COOPERATIVE (§ 56-231.31:1)

Notwithstanding any other provision of law, when there is held by any
cooperative any retired patronage capital to the credit of (i) a deceased person
who has no spouse or next of kin identified in the records of the cooperative or
(ii) a member or former member who has terminated service and who does not have
a current address on file with the cooperative, then the bylaws or member
agreements of the cooperative may provide that such credits shall be deemed to
have been transferred as a gift to the cooperative and shall thereafter be the
property of the cooperative; however, after July 1, 1999, such credits may be
deemed gifts to the cooperative only if the cooperative publishes notice of such
credit in its regular member publication and a publication of general
circulation, and such credit is not claimed by such member, former member or
next of kin within 120 days of such publication or such longer period as set out
in the bylaws or member agreements of the cooperative. If there is no such
provision in the cooperative&#8217;s bylaws or member agreement, or if there is
no publication, then any unclaimed credit shall be treated in accordance with
the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.). This
section shall apply only to cooperatives organized under or governed by this
article for the purpose of providing regulated electric utilities service on a
mutual, not-for-profit basis, with a board democratically elected by its member
consumers.

HISTORY: 1999, cc. 939, 940.