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421C-42 Disposition of non-escheat patronage refunds.

HI Rev Stat § 421C-42 (2019) (N/A)
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§421C-42 Disposition of non-escheat patronage refunds. (a) An electric utility cooperative association shall transfer all non-escheat patronage refunds to a nonprofit corporation incorporated pursuant to chapter 414D.

(b) The nonprofit corporation to which non-escheat patronage refunds are transferred pursuant to subsection (a) shall use the non-escheat patronage refunds to:

(1) Fund electric energy assistance programs for low-income persons who reside in the service area of the electric utility cooperative association;

(2) Make donations to other nonprofit charitable and community organizations, as authorized by its board of directors;

(3) Grant educational scholarships to individuals who reside in the service area of the electric utility cooperative association; or

(4) Support other appropriate uses for the benefit of the general membership of the electric utility cooperative association, as may be authorized by its board of directors. [L 2005, c 52, pt of §1]

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