SCS CSHB 233(FIN): "An Act relating to giving notice of unclaimed net margin distributions made by electric and telephone cooperatives."
00 SENATE CS FOR CS FOR HOUSE BILL NO. 233(FIN) 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 determined by using [SHOWN ON] the cooperative records 13 and the state's voter registration list, [;] and 14 (1) if the cooperative does not have an Internet website, [(2)]
01 published notice of the proposed reversion in the manner provided by law or court rule 02 for service of a summons by publication; or 03 (2) if the cooperative has an Internet website, 04 (A) posted for at least 180 days on the cooperative's 05 Internet website 06 (i) a list of the persons for whom the cooperative has 07 unclaimed distributions; and 08 (ii) a notice of the proposed reversion that 09 prominently displays a notice line and that provides a link to the 10 list identified in (i) of this subparagraph; the notice must appear on 11 the home page of the cooperative's Internet website; and 12 (B) published once a week for four consecutive weeks in a 13 newspaper of general circulation in the judicial district where the 14 cooperative is located a notice of the proposed reversion that provides the 15 address of the cooperative's Internet website and indicates that the list 16 identified in (A)(i) of this paragraph can be found at that address; the 17 notice shall be published simultaneously 18 (i) in the print version of the newspaper in a display 19 advertisement; the display advertisement must be at least 18 20 square inches in area and must prominently display the notice line 21 at the top; and 22 (ii) on the Internet version of the newspaper, if an 23 Internet version of the newspaper exists. 24 * Sec. 2. AS 34.45.200 is amended by adding a new subsection to read: 25 (f) In (e) of this section, 26 (1) "newspaper of general circulation" has the meaning given in 27 AS 09.35.140; 28 (2) "notice line" means the words "do we owe you money? unclaimed 29 (name of cooperative) capital credits" in capital letters.