Skip to main content
Senate Bill 0126


Senate Bill 0126

ARCHIVE (2010)

Latest Information

 

DIGEST OF SB126 (Updated February 22, 2010 5:36 pm - DI 84)


Merger of rural electric and telephone cooperatives. Allows one or more rural electric membership corporations (REMCs) to merge or consolidate with one or more rural telephone cooperative corporations to form a surviving corporation (in the case of a merger) or a successor corporation (in the case of a consolidation). Provides that a surviving corporation or successor corporation: (1) is considered to be both an REMC and a telephone cooperative corporation; and (2) has all the rights, powers, privileges, immunities, and exemptions of an REMC and a telephone cooperative corporation. Sets forth provisions concerning the following with respect to a surviving corporation or successor corporation: (1) Articles of incorporation and bylaws. (2) Selection of the board of directors. (3) General and enumerated powers of the board and the surviving corporation or successor corporation. (4) Members and meetings of members. (5) Obligations and liabilities of the surviving corporation or successor corporation. (6) The acquisition and disposition of property. (7) Articles of dissolution. (8) Charges for services rendered. (9) The jurisdiction of the utility regulatory commission (IURC).
    Current Status:
     Law Enacted
    >Latest Printing > (PDF)