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

§ 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.