2017 Missouri Revised Statutes
Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
Chapter 351 General and Business Corporations
Section 351.1150 Unclaimed property, how treated.
Effective 28 Aug 2011
Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
Chapter 351351.1150. Unclaimed property, how treated. — 1. A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property filed under section 447.539:
(1) Distribute the unclaimed property to a business entity or organization that is exempt from taxation; or
(2) Retain the unclaimed property as operational reserve funds.
2. The right of an owner to unclaimed property held by a cooperative is extinguished when the property is disbursed by the cooperative to a tax exempt organization or retained by the cooperative as set forth in subsection 1 of this section if:
(1) A reasonable effort to distribute the property to the member has been made by the cooperative; and
(2) (a) Notice that the payment is available has been mailed to the last known address of the person shown by the records to be entitled to the property; or
(b) If the member's address is unknown, notice is published in an official publication of the cooperative; and
(3) The cooperative has received no response from the member within the two-year period following the date such notice was mailed or published as the case may be.
(L. 2011 S.B. 366)
