Enrolled HB 233: Relating to giving notice of unclaimed net margin distributions made by electric and telephone cooperatives.
00Enrolled HB 233 01 Relating to giving notice of unclaimed net margin distributions made by electric and 02 telephone cooperatives. 03 _______________ 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, 03 (A) posted for at least 180 days on the cooperative's 04 Internet website 05 (i) a list of the persons for whom the cooperative has 06 unclaimed distributions; and 07 (ii) a notice of the proposed reversion that 08 prominently displays a notice line and that provides a link to the 09 list identified in (i) of this subparagraph; the notice must appear on 10 the home page of the cooperative's Internet website; and 11 (B) published once a week for four consecutive weeks in a 12 newspaper of general circulation in the judicial district where the 13 cooperative is located a notice of the proposed reversion that provides the 14 address of the cooperative's Internet website and indicates that the list 15 identified in (A)(i) of this paragraph can be found at that address; the 16 notice shall be published simultaneously 17 (i) in the print version of the newspaper in a display 18 advertisement; the display advertisement must be at least 18 19 square inches in area and must prominently display the notice line 20 at the top; and 21 (ii) on the Internet version of the newspaper, if an 22 Internet version of the newspaper exists. 23 * Sec. 2. AS 34.45.200 is amended by adding a new subsection to read: 24 (f) In (e) of this section, 25 (1) "newspaper of general circulation" has the meaning given in 26 AS 09.35.140; 27 (2) "notice line" means the words "do we owe you money? unclaimed 28 (name of cooperative) capital credits" in capital letters.