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Rule Title: NONUTILITY COOPERATIVES - DETERMINATION OF UNCLAIMED PROPERTY EXEMPT FROM ESCHEATMENT
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Department: REVENUE
Chapter: UNCLAIMED PROPERTY
Subchapter: Holder Reporting
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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42.38.209    NONUTILITY COOPERATIVES - DETERMINATION OF UNCLAIMED PROPERTY EXEMPT FROM ESCHEATMENT

(1) Unclaimed shares in a nonutility cooperative are not presumed abandoned under 70-9-803, MCA, if the cooperative, upon the action of the board of trustees:

(a) maintains the unclaimed shares in a separate general ledger account or fund, which can only be used for charitable or civic purposes in the cooperative's community;

(b) does not include the amount of the unclaimed shares in the cooperative's general fund;

(c) demonstrates the existence of established written guidelines, policies, and procedures granting the use of the unclaimed shares for charitable or civic purposes only; and

(d) records and substantiates all disbursements of the shares.

(2) Unclaimed shares held in the separate account or fund set forth in (1) can remain in the account or fund and accumulate to provide for charitable or civic expenditures that are greater than the annual amounts deposited into the account or fund.

History: 70-9-828, MCA; IMP, 70-9-803, MCA; NEW, 2015 MAR p. 2036, Eff. 11/13/15.


 

 
MAR Notices Effective From Effective To History Notes
42-2-933 11/13/2015 Current History: 70-9-828, MCA; IMP, 70-9-803, MCA; NEW, 2015 MAR p. 2036, Eff. 11/13/15.
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