DELIVERY OF MONEY FOR RURAL SCHOLARSHIP, ECONOMIC DEVELOPMENT, AND ENERGY EFFICIENCY ASSISTANCE.
Tex. PROP Code § 74.3013.
in effect(a) Notwithstanding and in addition to any other provision of this chapter or other law, a nonprofit cooperative corporation may deliver reported money to a scholarship fund for rural students, to stimulate rural economic development, or to provide energy efficiency assistance to members of electric cooperatives, instead of delivering the money to the comptroller as prescribed in Section 74.301 .
(b) A nonprofit cooperative corporation may deliver the money under this section only:
(1) to a scholarship fund established by one or more nonprofit cooperative corporations in this state to enable students from rural areas to attend college, technical school, or other postsecondary educational institution;
(2) to an economic development fund for the stimulation and improvement of business and commercial activity for economic development in rural communities; and
(3) to an energy efficiency assistance fund to assist members of an electric cooperative in reducing their energy consumption and electricity bills.
(c) A nonprofit cooperative corporation shall file with the comptroller a verification of money delivered under this section that complies with Section 74.302 .
(d) A claim for money delivered under this section must be filed with the nonprofit cooperative corporation that delivered the money. A nonprofit cooperative corporation shall forward the claim to the administrator of the fund to which the money was delivered. The fund shall pay the claim if the fund determines in good faith that the claim is valid. A person aggrieved by a claim decision may file a suit against the fund in a district court in the county in which the administrator of the fund is located in accordance with Section 74.506 .
(e) The comptroller shall prescribe forms and procedures governing this section, including forms and procedures relating to:
(1) notice of presumed abandoned property;
(2) delivery of reported money to a scholarship, economic development fund, or energy efficiency assistance fund;
(3) filing of a claim; and
(4) procedures to allow equitable opportunity for participation by each nonprofit cooperative corporation in the state.
(f) During a state fiscal year the total amount of money that may be transferred by all nonprofit cooperative corporations under this section may not exceed 50 percent of the total money reported for that year by those nonprofit cooperative corporations. The comptroller shall adopt procedures to record the total amount of money transferred annually.
(g) Nonprofit cooperative corporations may combine funds from other sources with any funds delivered under this section. In addition, such cooperatives may engage in other business and commercial activities, in their own behalf or through such subsidiaries and affiliates as deemed necessary, in order to provide and promote educational opportunities and to stimulate rural economic development.
(h) In this section, a nonprofit cooperative corporation means a cooperative corporation organized under Chapters 51 and 52 , Agriculture Code, the Texas Nonprofit Corporation Law, as described by Section 1.008 (d), Business Organizations Code, the Texas Cooperative Association Law, as described by Section 1.008 (i), Business Organizations Code, and Chapter 161 , Utilities Code.
Added by Acts 1997, 75th Leg., ch. 904, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 18.45, eff. Sept. 1, 1999.