81.507 - Reversion of unclaimed capital credit to electric cooperative under certain circumstances. - Nevada Statutes

81.507  Reversion of unclaimed capital credit to electric cooperative under certain circumstances.

      1.  Any capital credit distributed to a member by an electric cooperative formed under NRS 81.410 to 81.540, inclusive, which remains unclaimed for 1 year after the date authorized for distribution reverts to the cooperative and is not subject to the provisions of chapter 120A of NRS if:

      (a) Not more than 6 months after the date the capital credit was authorized for distribution, the cooperative gives notice to the member that the capital credit is available; and

      (b) The member fails to respond to such notice within 30 days after receipt of the notification.

      2.  The notice pursuant to subsection 1 must be sent by mail to the last known address of the member, as it appears in the records of the cooperative.

      3.  As used in this section, “capital credit” means money which is credited to the capital account of a member of a cooperative after deducting the member’s pro rata share of the operating costs of the cooperative from the amount paid by the member for electric service.

      (Added to NRS by 2005, 1023)