STAND. COM. REP. NO. 857
Honolulu, Hawaii
, 2005
RE: H.B. No. 769
H.D. 3
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 769, H.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"
begs leave to report as follows:
The purpose of this bill is to:
(1) Exempt electric utility cooperative associations (cooperative association) from the unclaimed property law;
(2) Require that the cooperative association submit an annual unclaimed property report to the Director of Finance;
(3) Ensure that the cooperative association remain responsible for payment of all future claims on the reported property; and
(4) Ensure that the unclaimed property be used for
charitable purposes or for the benefit of the general membership of the cooperative.
The Kauai Island Utility Cooperative (KIUC) and the Chair and Vice-Chair of the Board of Directors of KIUC supported this bill. The Department of Budget and Finance supported the intent of this measure.
Your Committee has amended this bill by making technical, nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 769, H.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 769, H.D. 3.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT TAKAMINE, Chair |
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