00                       CS FOR HOUSE BILL NO. 233(L&C)                                                                    
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 180 days on the cooperative's                                         
05            Internet website a list of the persons for whom the cooperative has                                      
06            unclaimed 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.