HB 233: "An Act relating to giving notice of unclaimed net margin distributions made by electric and telephone cooperatives."
00 HOUSE BILL NO. 233 01 "An Act relating to giving notice of unclaimed net margin distributions made by electric 02 and telephone cooperatives." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 34.45.200(e) is amended to read: 05 (e) A distribution of net margins by a cooperative incorporated under 06 AS 10.25 is presumed abandoned if the distribution remains unclaimed by the owner 07 for more than one year after the date authorized for the distribution. The distribution 08 presumed abandoned under this subsection reverts to the cooperative if the cooperative 09 has, at least six months before the proposed date that the distribution reverts to the 10 cooperative, [BOTH 11 (1)] mailed a notice of the proposed reversion to the last known 12 address of the owner as shown on the cooperative records [;] and 13 (1) if the cooperative does not have an Internet website, [(2)] 14 published notice of the proposed reversion in the manner provided by law or court rule
01 for service of a summons by publication; or 02 (2) if the cooperative has an Internet website, published a notice as 03 described under (1) of this subsection, or 04 (A) posted for at least 30 days on the cooperative's Internet 05 website a list of the persons for whom the cooperative has unclaimed 06 distributions; and 07 (B) published once a week for four consecutive weeks in a 08 newspaper of general circulation in the judicial district where the 09 cooperative is located a notice that provides the address of the 10 cooperative's Internet website and indicates that the list identified in (A) 11 of this paragraph can be found at that address; in this subparagraph, 12 "newspaper of general circulation" has the meaning given in 13 AS 09.35.140.