§ 23-17-240 — Unclaimed capital credits and stock

(a) When a cooperative formed under this subchapter declares capital credits and any capital credit which remains unclaimed one (1) year after notice of the capital credit was transmitted to the last known address of the beneficiary of the credit: (1) The cooperative shall not be liable for the credit; and (2) The credit shall not be deemed unclaimed or abandoned property under § 18-28-201 et seq. (b) (1) When a cooperative formed under this subchapter has issued shares of stock and subsequent to that time has declared by providing notice to all shareholders of record that the cooperative is redeeming the stock by repurchase, then one (1) year after the notice has been sent to the last known address of all shareholders of record: (A) The cooperative shall not be liable for the redemption or repurchase value of the stock; and (B) The stock not redeemed and repurchased shall have no value or rights in the cooperative. (2) The stock shall not be deemed unclaimed or abandoned property under § 18-28-201 et seq. (c) References in the Rural Telecommunications Cooperative Act, § 23-17-201 et seq., to "this subchapter" and references in § 23-17-101 et seq. to "this chapter" shall be deemed to also reference this section.

Legislative History

Acts 1995, No. 898, § 1; 1999, No. 946, § 17; 2009, No. 761, § 2.