O.C.G.A.

O.C.G.A. § 46-3-438 (2019)

Deposit with Department of Administrative Services of amount due unknown, disabled, or unlocatable creditors or members; disposition of unclaimed amounts; time limitation

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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Upon the voluntary or involuntary dissolution of an electric membership corporation, the portion of the assets distributable to a creditor or member who is unknown or cannot be found, or who is under disability and has no known representative legally competent to receive such distributive portion, shall be reduced to cash and deposited with the Department of Administrative Services and shall be paid over to such creditor or member or to his legal representative upon proof satisfactory to the Department of Administrative Services of his right thereto. After the Department of Administrative Services has held the unclaimed cash for six months, the Department of Administrative Services shall pay such cash to the Board of Regents of the University System of Georgia, to be held without liability for profit or interest until a claim for such cash shall be filed with the Department of Administrative Services by the parties entitled thereto. No such claim shall be made more than six years after such cash is deposited with the Department of Administrative Services.

History

(Code 1933, § 34C-1219, enacted by Ga. L. 1981, p. 1587, § 1.)