§ 44-12-236-1 — Donation of abandoned dividends or capital credits by rural telephone cooperatives for certain purposes

(a) As used in the Code section, the term: (1) "Area" means any county in which a telephone cooperative provides telephone service and any county adjacent thereto. (2) "Telephone cooperative" shall have the same meaning as provided for the term "cooperative" in Code Section 46-5-62 . (3) "Telephone service" shall have the same meaning as provided for in Code Section 46-5-62 . (b) All patronage dividends or capital credits held by a telephone cooperative that are presumed abandoned pursuant to this article in a given calendar year may, in lieu of payment of delivery to the commissioner pursuant to this article, be donated to a nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code that supports education or economic development in the area if the telephone cooperative has: (1) Maintained for at least six months on the telephone cooperative's website or on a public posting in the telephone cooperative's main office, a list of the names and last known addresses of all owners of property held by the telephone cooperative that have been presumed abandoned, together with instructions on how to claim such property; and (2) Published in the legal organ in the county in which the telephone cooperative's main office is located notice of the last date to claim property that has been presumed abandoned. Such notice shall be published within three to six months prior to the last date to claim the property and shall state that the names of the owners may be found at the telephone cooperative's website or main office.

Legislative History

Added by 2017 Ga. Laws 173,§ 6, eff. 7/1/2017.