Vermont Statutes Title 27 Sec. 1496
Terms Used In Vermont Statutes Title 27 Sec. 1496
- Administrator: means the Vermont State Treasurer. See
- Owner: means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative when acting on behalf of the owner. See
- Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See
- Utility: means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for the following public services:
§ 1496. Electric utility cooperatives
(a) Electric utility cooperatives organized under or otherwise subject to 30 Vt. Stat. Ann. chapter 81 shall report capital credits that have been retired and declared payable by the cooperative’s board of directors, but that have not been claimed by the owner in accordance with the provisions of this chapter. Electric utility cooperatives shall not pay or deliver the unclaimed capital credits to the Administrator. As used in this section, “capital credits” means those credits to a capital account of a member of an electric utility cooperative that the cooperative is obliged to pay after operating costs and expenses have been paid.
(b) The Administrator shall provide notice of unclaimed capital credit properties reported by electric utilities in accordance with the provisions of section 1503 of this title. In the event of a claim for a capital credit property, the Administrator shall refer the claimant to the appropriate electric utility cooperative who shall evaluate the claim and upon provision of satisfactory proof of ownership shall pay the claimant.
(c) The electric utility cooperative shall notify the Administrator of the resolution of all claims for unclaimed property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)