Title 48, Title 48: PUBLIC UTILITIES

48:24-13 Meetings. 13. a. An annual meeting of the members of a rural electric cooperative shall be held at a time as may be provided in the bylaws. b. Special meetings of the members may be called by: (1) the president; (2) the board of directors; (3) the members as evidenced by…

48:24-14 Quorum. 14. If the total number of members of a rural electric cooperative shall exceed 1,000, then at least 100 of the members present in person shall constitute a quorum for the transaction of business at all meetings of members. In the case of a joint membership, the …

48:24-15 Voting. 15. Each member of a rural electric cooperative present shall be entitled to only one vote on each matter submitted to a vote at a meeting of members. All questions shall be decided by a vote of a majority of members voting thereon in person except as otherwise p…

48:24-16 Operating expenses; revenues. 16. a. A rural electric cooperative shall be operated without profit to its members, but the rates, fees, rents, or other charges for electric energy, and any other facilities, supplies, equipment, or services furnished by the cooperative sh…

48:24-17 Merger, consolidation, division. 17. a. Any two or more rural electric cooperatives may merge, consolidate, or divide, but only if the surviving or resulting entity is a rural electric cooperative existing under P.L.2017, c.297 (C.48:24-1 et al.) or under the laws of a n…

48:24-18 Dissolution. 18. A rural electric cooperative may dissolve only when authorized by the affirmative vote of two-thirds of all the members of the cooperative. Any assets remaining after all liabilities or obligations of the cooperative have been satisfied or discharged upo…

48:24-19 Security of borrowed money. 19. Whenever any rural electric cooperative subject to P.L.2017, c.297 (C.48:24-1 et al.) has borrowed money from any federal agency, the obligations issued to secure the payment of the money shall be exempt from the provisions of the "Uniform…

48:24-2 Definitions relative to rural electric cooperatives. 2. As used in P.L.2017, c.297 (C.48:24-1 et al.): "Acquire" means to construct or by purchase, lease, devise, gift, or other mode of acquisition. "Board" means the board of directors of a rural electric cooperative. "Fe…

48:24-3 Recognition, affirmation of rural electric cooperative. 3. A rural electric cooperative which organized as a rural electric cooperative under the general corporation laws of this State, is hereby recognized and affirmed as a rural electric cooperative entitled to the righ…

48:24-4 Articles of incorporation. 4. The articles of incorporation of a rural electric cooperative existing under P.L.2017, c.297 (C.48:24-1 et al.) shall state: a. The name of the cooperative, which shall include the words "Rural Electric Cooperative" and shall not be confusing…

48:24-5 Use of "Rural Electric Cooperative" designation restricted. 5. The words "Rural Electric Cooperative" shall not be used in the corporate name of any corporation organized for profit or not-for-profit in this State other than a cooperative existing under P.L.2017, c.297 (C…

48:24-6 Liberal construction. 6. All of the provisions of law applicable to rural electric cooperatives shall be construed liberally. The enumeration of any object, purpose, power, manner, method, or thing shall not be deemed to exclude like or similar objects, purposes, powers, …

48:24-7 Powers of rural electric cooperative. 7. A rural electric cooperative existing under P.L.2017, c.297 (C.48:24-1 et al.) shall have the power: a. To generate, manufacture, purchase, acquire, and accumulate electric energy and to transmit, distribute, sell, furnish, and dis…

48:24-8 Power relative to bylaws. 8. The power to make, alter, or repeal the bylaws of a rural electric cooperative established pursuant to P.L.2017, c.297 (C.48:24-1 et al.) shall be vested in the board of directors of the cooperative. The bylaws may contain any provisions for t…

48:24-9 Eligibility for membership. 9. All persons in rural areas served, or proposed to be served, by a rural electric cooperative shall be eligible for membership in the cooperative upon terms as the cooperative's bylaws may specify. The bylaws shall constitute a contract betwe…