Tex. Prop. Code Section 74.3013
Delivery of Money for Rural Scholarship, Economic Development, and Energy Efficiency Assistance


(a)

Notwithstanding and in addition to any other provision of this chapter or other law, a nonprofit cooperative corporation may deliver reported money to a scholarship fund for rural students, to stimulate rural economic development, or to provide energy efficiency assistance to members of electric cooperatives, instead of delivering the money to the comptroller as prescribed in Section 74.301 (Delivery of Property to Comptroller).

(b)

A nonprofit cooperative corporation may deliver the money under this section only:

(1)

to a scholarship fund established by one or more nonprofit cooperative corporations in this state to enable students from rural areas to attend college, technical school, or other postsecondary educational institution;

(2)

to an economic development fund for the stimulation and improvement of business and commercial activity for economic development in rural communities; and

(3)

to an energy efficiency assistance fund to assist members of an electric cooperative in reducing their energy consumption and electricity bills.

(c)

A nonprofit cooperative corporation shall file with the comptroller a verification of money delivered under this section that complies with Section 74.302 (Statement of Delivered Property).

(d)

A claim for money delivered under this section must be filed with the nonprofit cooperative corporation that delivered the money. A nonprofit cooperative corporation shall forward the claim to the administrator of the fund to which the money was delivered. The fund shall pay the claim if the fund determines in good faith that the claim is valid. A person aggrieved by a claim decision may file a suit against the fund in a district court in the county in which the administrator of the fund is located in accordance with Section 74.506 (Appeal).

(e)

The comptroller shall prescribe forms and procedures governing this section, including forms and procedures relating to:

(1)

notice of presumed abandoned property;

(2)

delivery of reported money to a scholarship, economic development fund, or energy efficiency assistance fund;

(3)

filing of a claim; and

(4)

procedures to allow equitable opportunity for participation by each nonprofit cooperative corporation in the state.

(f)

During a state fiscal year the total amount of money that may be transferred by all nonprofit cooperative corporations under this section may not exceed 50 percent of the total money reported for that year by those nonprofit cooperative corporations. The comptroller shall adopt procedures to record the total amount of money transferred annually.

(g)

Nonprofit cooperative corporations may combine funds from other sources with any funds delivered under this section. In addition, such cooperatives may engage in other business and commercial activities, in their own behalf or through such subsidiaries and affiliates as deemed necessary, in order to provide and promote educational opportunities and to stimulate rural economic development.

(h)

In this section, a nonprofit cooperative corporation means a cooperative corporation organized under Chapters 51 (Farmers’ Cooperative Societies) and 52 (Cooperative Marketing Associations), Agriculture Code, the Texas Nonprofit Corporation Law, as described by Section 1.008 (Short Titles)(d), Business Organizations Code, the Texas Cooperative Association Law, as described by Section 1.008 (Short Titles)(i), Business Organizations Code, and Chapter 161 (Electric Cooperative Corporations), Utilities Code.
Added by Acts 1997, 75th Leg., ch. 904, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 18.45, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 939 (H.B. 3693), Sec. 14, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 939 (H.B. 3693), Sec. 15, eff. September 1, 2007.
Acts 2023, 88th Leg., R.S., Ch. 291 (S.B. 1768), Sec. 7, eff. May 29, 2023.
Acts 2023, 88th Leg., R.S., Ch. 621 (H.B. 4246), Sec. 1, eff. September 1, 2023.

Source: Section 74.3013 — Delivery of Money for Rural Scholarship, Economic Development, and Energy Efficiency Assistance, https://statutes.­capitol.­texas.­gov/Docs/PR/htm/PR.­74.­htm#74.­3013 (accessed Mar. 23, 2024).

74.001
Applicability
74.101
Property Report
74.102
Signed Statement
74.103
Retention of Records
74.104
Confidentiality of Property Report
74.105
Combined Reporting
74.106
Continuing Reporting Requirement
74.201
Required Notice
74.203
Authorized Notice
74.205
Charge for Notice
74.206
Advertising and Promotion
74.301
Delivery of Property to Comptroller
74.302
Statement of Delivered Property
74.304
Responsibility After Delivery
74.306
Unclaimed Property Held by Federal Government
74.307
List of Owners
74.308
Period of Limitation Not a Bar
74.309
Private Escheat Agreements Prohibited
74.401
Sale of Property
74.402
Notice of Sale
74.403
Purchaser’s Title
74.404
Sale of Military Awards and Decorations Prohibited
74.405
Disposition of Securities
74.501
Claim Filed with Comptroller
74.502
Claim Filed with Holder
74.503
Waiver of Claim Requirement
74.504
Hearing
74.506
Appeal
74.507
Assistance of Claimant
74.508
Claim of Another State to Recover Property
74.509
Handling Fee for Processing Unclaimed Property
74.601
Unclaimed Money
74.602
Use of Money
74.603
Audit
74.604
Disposition of Money Delivered to Comptroller from Certain Attorney Accounts
74.701
Rules
74.702
Examination of Records
74.703
Additional Personnel
74.704
Assistance in Enforcement
74.705
Interest
74.706
Penalty
74.707
Waiver or Abatement of Penalty or Interest
74.708
Property Held in Trust
74.709
Suit to Compel Delivery of Property and Civil Penalties
74.710
Criminal Offense
74.711
Authority to Take Testimony and Issue Administrative Subpoenas
74.712
Enforcement of Subpoenas
74.1011
Notice by Property Holder Required
74.3011
Delivery of Money to Rural Scholarship Fund
74.3012
Delivery of Money to Urban Scholarship Fund
74.3013
Delivery of Money for Rural Scholarship, Economic Development, and Energy Efficiency Assistance
74.3061
Escheat of Funds in the Possession of the United States
74.7021
Limitation Period for Examination

Accessed:
Mar. 23, 2024

§ 74.3013’s source at texas​.gov