Maryland legislation · 2025 Regular Session
Maryland HB227: Corporations and Associations - Electric Cooperatives - Nonescheat Capital Credits
Status: Chaptered, April 22, 2025
Providing that certain unclaimed money held by an electric cooperative and due to a past member is not considered abandoned property; and authorizing an electric cooperative to use this money only to assist members of the cooperative or make donations to nonprofit, charitable organizations.
What the bill says
An act concerning Corporations and Associations - Electric Cooperatives - Nonescheat Capital Credits FOR the purpose of providing that certain unclaimed money held by an electric cooperative and due to a past member is not considered abandoned property; authorizing an electric cooperative to use this money only for certain purposes; and generally relating to electric cooperatives and nonescheat capital credits…
From the enrolled text, April 24, 2025:
AN ACT concerning Corporations and Associations - Electric Cooperatives - Nonescheat Capital Credits FOR the purpose of providing that certain unclaimed money held by an electric cooperative and due to a past member is not considered abandoned property; authorizing an electric cooperative to use this money only for certain purposes; and generally relating to electric cooperatives and nonescheat capital credits. BY repealing and reenacting, without amendments, Article - Commercial Law Section 17-304(b) Annotated Code of Maryland (2013 Replacement Volume and 2024 Supplement) BY repealing and reenacting, with amendments, Article - Commercial Law Section 17-304(g) Annotated Code of Maryland (2013 Replacement Volume and 2024 Supplement) BY repealing and reenacting, without amendments, Article - Corporations and Associations Section 5-601(a) and (c) and 5-605 Annotated Code of Maryland (2014 Replacement Volume and 2024 Supplement) BY adding to Article - Corporations and Associations Section 5-650.1 Annotated Code of Maryland (2014 Replacement Volume and 2024 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: Article - Commercial Law 17-304. (b) Any stock or other certificate of ownership, or any dividend, profit, distribution, interest, payment on principal, or other sum held by a business association for Ch. 212 2025 LAWS OF MARYLAND or to a shareholder, certificate holder, member, bondholder or other security holder, or …