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.