Relating to record access by members of cooperative associations providing utility service

This bill provides that if a nonprofit cooperative association or cooperative association provides utility service to members, the most recent biennial report and financial information, including the budget and balance sheet, for the nonprofit cooperative association or cooperative association must be made available to a member within 30 days of a reasonable request by the member. A nonprofit cooperative association means a corporate body composed of actual producers or consumers of the given commodity handled by the association, whose business is conducted for the mutual benefit of its members and not for the profit of stockholders, and for which control is vested in its members upon the basis of one vote to each member. A cooperative association is one that deals with or functions for its member and that distributes its net earnings among its members in proportion to their dealings with it, except for limited dividends or other items permitted in Code chapter 499, and in which each voting member has one vote and no more.