(a) For the purposes of this section, the following definitions shall apply:

(1) “Cooperative electric utility” shall mean an entity incorporated in the State that is engaged primarily in providing electric service on a cooperative basis.

(2) “Member” shall mean any person currently or previously receiving electric service from a cooperative electric utility.

(3) “Nonescheat capital credits” means moneys due to any past member of a cooperative electric utility in retirement of capital allocated on a patronage basis to the account of such member for amounts received and receivable by the cooperative from the furnishing of electric energy to such member in excess of operating costs and expenses properly chargeable against the furnishing of electric energy, provided that a 5-year period has elapsed since such credits were retired and the members to which such amounts were allocated have not claimed them.

Terms Used In Delaware Code Title 26 Sec. 909

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302

(b) A cooperative electric utility shall use all nonescheat capital credits, net of claims pursuant to subsection (g) of this section, to fund the following as authorized by the Board of Directors:

(1) Energy assistance and energy services for low income members.

(2) Energy efficiency, renewable energy, battery storage, electrification and emerging energy technology programs in its service area.

(3) Donations to such nonprofit charitable and community organizations.

(c) Nonescheat capital credits shall be expended within 3 calendar years after being deemed nonescheat capital credits. Nonescheat capital credits not expended within 3 calendar years shall be remitted to the State Escheator in the same manner as all other property subject to Chapter 11 of Title 12.

(d) Cooperative electric utilities shall publish an annual report to members no later than January 20 of each year. This report must be published on the cooperative electric utility’s website and must specify the retired capital credits going unclaimed during the previous calendar year.

(e) Cooperative electric utilities shall make available the name, last known address and credit amount owed to past members requesting such information. In addition, the utility shall prominently display in all marketing materials directed at current and/or prospective members the name, office address and phone number of the individual or individuals within the corporation responsible for processing past member claims for the return of capital credits. Such information shall also be included in the annual report, the notice of the annual meeting and on any Internet site or sites maintained by the cooperative electric utility.

(f) In the event a cooperative electric utility ceases to do business in this State, or elects to recognize as a noncooperative business, all outstanding nonescheat capital credits shall be remitted to the State Escheator in the same manner as all other property subject to Chapter 11 of Title 12.

(g) Nothing in this section shall be construed to relieve a cooperative electric utility from refunding nonescheat capital credits on application by past members. Past members of a cooperative electric utility may file a claim for the return of funds deemed nonescheat capital credits, allocated to them at the time they were members. The cooperative electric utility shall provide standard claim forms with which all such members can file for a return of their nonescheat capital credits. No provision of a contract or agreement between the cooperative electric utility and a member or any statute of limitations shall limit the time period in which such a claim may be filed.

71 Del. Laws, c. 448, § ?3; 82 Del. Laws, c. 178, § 1;