N.Y. Abandoned Property Law 1421 – Property held by rural electric cooperatives
§ 1421. Property held by rural electric cooperatives. 1. For the purposes of this section, "rural electric cooperatives" shall include any corporation organized or qualified to do business in this state pursuant to the rural electric cooperative law.
Terms Used In N.Y. Abandoned Property Law 1421
- 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.
2. Notwithstanding any other provision of this chapter to the contrary, any share of stock, credit, dividend, profit, patronage refund, distribution, interest, equity certificate, equity retain, payment, or other money or property which:
(a) is in the possession of a rural electric cooperative organized or qualified to do business in this state pursuant to the rural electric cooperative law; or
(b) evidences membership in or resulted from patronage with a rural electric cooperative or the predecessor of such cooperative; or
(c) is held for, allocated to the account of, allocated in the name of or owing by a rural electric cooperative to a member, stockholder, patron or other person; shall not be deemed abandoned property or otherwise subject to the provisions of this chapter.