The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
REPORT BY HOLDER
(Cite as: 27 V.S.A. § 1496)
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§ 1496. Electric utility cooperatives
(a) Electric utility cooperatives organized under or otherwise subject to 30 V.S.A. chapter 81 shall report capital credits that have been retired and declared payable by the cooperative’s
board of directors, but that have not been claimed by the owner in accordance with
the provisions of this chapter. Electric utility cooperatives shall not pay or deliver
the unclaimed capital credits to the Administrator. As used in this section, “capital
credits” means those credits to a capital account of a member of an electric utility
cooperative that the cooperative is obliged to pay after operating costs and expenses
have been paid.
(b) The Administrator shall provide notice of unclaimed capital credit properties reported
by electric utilities in accordance with the provisions of section 1503 of this title. In the event of a claim for a capital credit property, the Administrator shall refer
the claimant to the appropriate electric utility cooperative who shall evaluate the
claim and upon provision of satisfactory proof of ownership shall pay the claimant.
(c) The electric utility cooperative shall notify the Administrator of the resolution
of all claims for unclaimed property. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)