Corporations and Associations - Electric Cooperatives - Nonescheat Capital Credits

This bill (SB 561) exempts unclaimed capital credits from Maryland's abandoned property rules for electric cooperatives. Specifically, it defines "nonescheat capital credits" as funds due to past members (unclaimed for at least 5 years after retirement) and prevents cooperatives from turning these funds over to the state. Cooperatives may only use these funds to assist current members or make approved charitable donations, not for general operations. It directly affects Maryland electric cooperatives and their past members whose unclaimed credits meet the 5-year threshold.