(a) An electric utility cooperative association shall transfer all non-escheat patronage refunds to a nonprofit corporation incorporated pursuant to chapter 414D.

Terms Used In Hawaii Revised Statutes 421C-42

  • Association: means a consumer cooperative association. See Hawaii Revised Statutes 421C-1
  • 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.
  • Directors: means the board of directors of an association. See Hawaii Revised Statutes 421C-1
  • Electric utility cooperative association: means a consumer cooperative association that provides electric utility service as a public utility. See Hawaii Revised Statutes 421C-1
  • Non-escheat patronage refunds: means patronage refunds from an electric utility cooperative association for which a five-year period has elapsed since the patronage refunds were made and for which no claims have been made by the patrons to whom the refunds were allocated. See Hawaii Revised Statutes 421C-1
(b) The nonprofit corporation to which non-escheat patronage refunds are transferred pursuant to subsection (a) shall use the non-escheat patronage refunds to:

(1) Fund electric energy assistance programs for low-income persons who reside in the service area of the electric utility cooperative association;
(2) Make donations to other nonprofit charitable and community organizations, as authorized by its board of directors;
(3) Grant educational scholarships to individuals who reside in the service area of the electric utility cooperative association; or
(4) Support other appropriate uses for the benefit of the general membership of the electric utility cooperative association, as may be authorized by its board of directors.
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