272.291 Unclaimed dividends, stocks, etc., disposal of.
Any association organized or operated under KRS 272.101 to 272.341, or any agricultural <br>cooperative association organized under the provisions of KRS Chapter 271B and <br>meeting the requirements of an agricultural cooperative as set forth in Chapter 27, Section <br>1, 42 U. S. Statutes, p. 388 (Title 7, Sec. 291, U.S.C.A.), or any cooperative association <br>organized under KRS Chapter 279 may recover, after a period of five (5) years, any <br>unclaimed stocks, dividends, patronage refunds, or book equities for which the owner <br>cannot be found and which are the result of distributable savings of the cooperative. The <br>mailing of these stocks, dividends, patronage refunds, or book equities to the last-known <br>address of the individual involved as recorded on the records of the cooperative shall be <br>evidence of a bona fide attempt to deliver the same to the individual. When the notice to <br>the individual of these amounts has been returned by the U.S. mail and the amounts have <br>not been called for, after five (5) years, the amounts involved may be placed in the <br>income of the cooperative for the year in which such determination is made and <br>redistributed to the patrons of that year.
History: Amended 1972 Ky. Acts ch. 274, sec. 148. -- Created 1966 Ky. Acts ch. 208,
sec. 30.
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