25 LC 55 0539
Senate Bill 256
By: Senator Cowsert of the 46th
A BILL TO BE ENTITLED
AN ACT
To amend Article 4 of Chapter 3 of Title 46 of the Official Code of Georgia Annotated,
1
relating to electric membership corporations and foreign electric cooperatives, so as to2
require an electric membership corporation to disclose certain acquisitions and other3
information to its members within a certain time frame; to provide for related matters; to4
repeal conflicting laws; and for other purposes.5
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6
SECTION 1.7
Article 4 of Chapter 3 of Title 46 of the Official Code of Georgia Annotated, relating to8
electric membership corporations and foreign electric cooperatives, is amended in Part 11,9
relating to sale and other disposition of corporate assets, by adding a new Code section to10
read as follows:11
"46-3-402.
12
(a) An electric membership corporation shall timely disclose to its members the direct13
acquisition of all or part of another entity via purchasing an ownership interest in such14
entity or an indirect acquisition through the purchasing of its assets. Timely disclosure15
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shall mean within six months of the acquisition. Such disclosure shall include, at a16
minimum:17
(1) A description of the asset or interest acquired;18
(2) The date of acquisition;19
(3) The consideration given for such acquisition;20
(4) The identification of any assets pledged by the electric membership corporation to21
secure a loan or other funding that forms all or a portion of the consideration pledged to22
secure such loan or other funding;23
(5) The total amount of the electric membership corporation's assets, debts, and24
obligations and those of its gas subsidiaries;25
(6) The total amount of the electric membership corporation's electric generation and26
transmission assets as defined by the Federal Energy Regulatory Commission Uniform27
System of Accounts; and28
(7) The percentage of the electric membership corporation's net utility plant used for the29
purposes described in subsection (b) of Code Section 46-4-164.30
(b) An electric membership corporation shall disclose to its members the annual cost of31
gas in aggregate that it sells. Such disclosure shall be made on an annual basis."32
SECTION 2.33
All laws and parts of laws in conflict with this Act are repealed.34
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