CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CONSUMERS' COOPERATIVE ASSOCIATIONS
301-A:28-a Abandonment of Interest.
If net savings or dividends have not been claimed by a member or patron for 5 years, the member or patron has not corresponded with the association in writing within 5 years, and the current address of the member or patron is unknown, the association shall make a good faith effort to locate the member or patron. Such good faith effort shall include, at a minimum, a first class letter mailed to the member or patron's last known mailing address, and notice published in a newspaper of general circulation in the community of the association's primary activity. If the association does not receive a response from the member or patron within 90 days of its location efforts, all net savings, dividends, and membership interests attributable to the member or patron shall be presumed to be abandoned, and the net savings and dividends shall be placed in the reserve fund and the membership interest shall revert to the association.
Source. 2001, 197:4, eff. Sept. 3, 2001.