Electric Cooperative Corporation Act

The Electric Cooperative Corporation Act provides for the creation and operation of member-owned, nonprofit corporations formed to supply electric energy, principally to extend electrification to rural areas. It sets out the mechanics of incorporation — incorporators, articles of incorporation and their filing, amendment, and revival, corporate name restrictions, and procedures for organizing or curing a defectively organized cooperative — and prescribes the internal governance framework of bylaws, membership and membership certificates, members' meetings with notice, quorum, and voting rules, and a board of directors with officers, committees, and indemnification. It also confers the cooperative's operating powers, including furnishing electricity to members and to certain nonmember entities and exercising eminent domain, while establishing that the cooperative operates on a nonprofit basis, that members are not liable for its debts, and that it is subject to specified fees and exempt from certain excise tax and securities requirements.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.