Corporations and Associations - Electric Cooperatives - Nonescheat Capital Credits

HB 227 clarifies that unclaimed capital credits owed to past members of electric cooperatives - after at least five years of being retired and unclaimed - are not considered "abandoned property" under Maryland law. This bill directly affects electric cooperatives and their former members by preventing these funds from being turned over to the state. Cooperatives may only use these "nonescheat capital credits" to assist current members (per their charter powers) or make donations to approved nonprofit organizations. The law specifically defines these funds and ensures cooperatives remain obligated to refund them if a past member claims them.