05 LC 22
5776ER/AP
House
Bill 431 (AS PASSED HOUSE AND SENATE)
By:
Representatives Talton of the
145th,
O`Neal of the
146th,
Burkhalter of the
50th,
Keen of the
179th,
Bryant of the
160th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 5 of Chapter 12 of Title 44 of the Official Code of Georgia
Annotated, the "Disposition of Unclaimed Property Act," so as to provide for an
alternative method of disposition with respect to certain dividends or capital
credits which are presumed abandoned; to provide for definitions; to provide for
procedures; to provide an effective date; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
5 of Chapter 12 of Title 44 of the Official Code of Georgia Annotated, the
"Disposition of Unclaimed Property Act," is amended by adding a new Code section
at the end thereof, to be designated Code Section 44-12-236, to read as
follows:
"44-12-236.
(a)
As used in the Code section, the term:
(1)
'Approved uses' means:
(A)
Donated to an Internal Revenue Code Section 501(c)(3) organization serving in
the electric membership
corporatiońs
service area;
(B)
Used in support of education in the electric membership
corporatiońs
service area; or
(C)
Used for economic development purposes in the electric membership
corporatiońs
service area.
(2)
'Electric membership
corporatiońs
service area' means any county in which the electric membership corporation
provides electric service and any county adjacent thereto.
(b)
All patronage dividends or capital credits presumed abandoned pursuant to this
article in a given calendar year that are held by an electric membership
corporation organized and operating pursuant to Article 4 of Chapter 3 of Title
46 may, in lieu of payment of delivery to the commissioner pursuant to this
article, be donated for approved uses if the electric membership corporation
has:
(1)
Maintained for at least six months on the electric membership
corporatiońs
website or on a public posting in the electric membership
corporatiońs
main office a list of the names and last known addresses of all owners of
property held by the electric membership corporation which has 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 electric membership
corporatiońs
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 electric membership
corporatiońs
website or the main
office."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.