Arizona Laws 10-2071. Unclaimed patronage capital credits; fees; uses; exemption; definition
A. A patronage capital credit retirement payment or fee payment from a cooperative to its member or former member is an unclaimed capital credit or fee if the credit or fee remains unclaimed for a period of two years after the payment was made available to the member or former member.
Terms Used In Arizona Laws 10-2071
- Address: means a mailing address. See Arizona Laws 10-140
- Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
- Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
- Cooperative: means a corporation that is organized under this article or that becomes subject to this article in the manner provided in this article. See Arizona Laws 10-2051
- Distribution: means a direct or indirect transfer of money or other property, except its own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Arizona Laws 10-140
- Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
B. All unclaimed capital credits or fees are exempt from Title 44, Chapter 3, and a cooperative may retain or use all unclaimed capital credits or fees for any lawful purpose.
C. A cooperative may retain, use or assign all unclaimed capital credits or fees for any lawful purpose if the purpose is consistent with the cooperative’s bylaws and is specified by the cooperative’s board of directors.
D. The cooperative shall pay a verifiable unclaimed capital credit or fee claim by a member or former member originating on, before and after August 3, 2018.
E. Each cooperative shall maintain a searchable list on its website that contains the name and last known address of each member or former member appearing from the cooperative’s records to be the owner of the unclaimed capital credits or fees of fifty dollars or more and instructions on how to claim the unclaimed capital credits or fees. The list shall include records from and after December 31, 2001.
F. For the purposes of this section, "patronage capital" includes all amounts received by a cooperative from sales of electric power, energy distribution services or other services to members in excess of the cooperative’s cost of furnishing electric power, energy distribution services or other services to members and other margins as determined by the board of directors of the cooperative.