Rules and regulations

The commissioner may make necessary rules and regulations to carry out the provisions of this article. History. Code 1981, § 44-12-235, enacted by Ga. L. 1990, p. 1506, § 1. 297 44-12-236 44-12-236. Alternative method of disposition with respect to certain dividends or capital credits which are presumed abandoned; definitions; procedures. (a) As used in this 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 corporation’s service area; (B) Used in support of education in the electric membership corporation’s service area; or (C) Used for economic development purposes in the electric membership corporation’s service area. (2) “Electric membership corporation’s 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 corporation’s website or on a public posting in the electric membership corporation’s 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 corporation’s 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 corporation’s website or the main office. History. Code 1981, § 44-12-236, enacted by Ga. L. 2005, p. 792, § 1/HB 431; Ga. L. 2020, p. 493, § 44/SB 429. The 2020 amendment, effective July 29, 2020, part of an Act to revise, modern- ize, and correct the Code, substituted “this Code section” for “the Code section” in subsection (a). 298 44-12-236.1 RIGHTS IN PERSONALTY 44-12-237 44-12-236.1. Donation of abandoned dividends or capital credits by rural telephone cooperatives for certain purposes. (a) As used in the Code section, the term: (1) “Area” means any county in which a telephone cooperative provides telephone service and any county adjacent thereto. (2) “Telephone cooperative” shall have the same meaning as provided for the term “cooperative” in Code Section 46-5-62. (3) “Telephone service” shall have the same meaning as provided for in Code Section 46-5-62. (b) All patronage dividends or capital credits held by a telephone cooperative that are presumed abandoned pursuant to this article in a given calendar year may, in lieu of payment of delivery to the commissioner pursuant to this article, be donated to a nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code that supports education or economic development in the area if the telephone cooperative has: (1) Maintained for at least six months on the telephone cooperative’s website or on a public posting in the telephone cooperative’s main office, a list of the names and last known addresses of all owners of property held by the telephone cooperative that have 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 telephone cooperative’s 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 telephone cooperative’s website or main office. History. Code 1981, § 44-12-236.1, enacted by Ga. L. 2017, p. 352, § 6/SB 46. 44-12-237. Unclaimed United States Savings Bond.