Membership Bylaws - Article XI
Miscellaneous
SECTION 11.1 Membership in Other Organizations.
The
Cooperative may, upon the authorization of the Board of Directors, purchase stock
in or become a member of any corporation, company or organization organized for
the purposes of engaging in cooperative effort to market and deliver electric energy
service as allowed by law, providing ancillary products and competitive services
that enhance the quality of life for the Cooperative members, or other furthering
the cause of rural electrification and the value of Cooperative membership.
The Cooperative shall not become a member or purchase stock in any other organization
not meeting these qualifications without an affirmative vote of the members at a
duly held meeting, the notice of which shall specify that such action is to be taken.
SECTION 11.2 Waiver of Notice.
Any member or director
may waive in writing any notice of a meeting required to be given by these bylaws.
The attendance of a member or director at any meeting shall constitute a waiver
of notice of such meeting by such member or director, except in a case where a member
or director shall attend a meeting for the express purpose of objecting to the transaction
of any business on the grounds that the meeting has not been lawfully called or
convened.
SECTION 11.3 Rules and Regulations.
The Board of
Directors shall have power to make and adopt rules and regulations, not inconsistent
with law, the articles of incorporation or these bylaws, as it may deem advisable
for the management of the business and affairs of the Cooperative.
SECTION 11.4
Accounting Systems and Reports. The Board of Directors shall cause to be established
and maintained a complete accounting system which, among other things, and subject
to applicable laws and rules and regulations of any regulatory body, shall conform
to such accounting system as may from time to time be designated by the Administrator
of the Rural Electrification Administration of the United States of America.The
Board of Directors shall also cause to be made by a Certified Public Accountant
a full and complete annual audit of the accounts, books and financial condition
of the Cooperative. The results of such audit shall be reported
to the members at the next following annual meeting.
SECTION 11.5
Unclaimed Moneys.
Notwithstanding any provision herein contained to the contrary,
any member, patron or other customer who fails to claim any capital credits, patronage
refunds, service deposits, membership fees or account balances within two years
after payment thereof has been available by the Cooperative, shall have made an
irrevocable assignment and gift to the Cooperative of such unclaimed moneys.Upon
expiration of at least two years after availability of such moneys, the Cooperative
shall give sixty days notification by publishing notice in a newspaper of general
circulation in the county of the last known service address of the member, patron
or customer. Such notice shall show owner's name and approximate amount of owner's
interest and state that if not duly claimed within sixty days of said notice the
same shall be deemed assigned and given to the Cooperative.If no provable claim
shall have been filed within sixty days after publication of such notice, the Cooperative
shall, after offsetting any outstanding amounts due and owing the Cooperative from
said member, patron or customer, thereafter treat the net unclaimed amount as donated
capital of the Cooperative includable in the fiscal year in which the sixtieth day
after published notice falls.