The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
CHAPTER 1873


AN ACT, To Be Cited as the
Operation and Management of Co.
to Provide for the Organization
operative. Non-Proft. Membership
Corporations, Referred to as Co
operatives" for the Purpose of En-
gaging in Rural Electrifcation by
Supplying Energy and Promoting
and Extending the Use Thereof in
Rural Rural Areas; Prescribing the
Powers of Such Cooperatives, the In
Names Thereof. the Number and
Character of the IncorpOrators, the
Contents and Manner of Execution
of the Articles of Incorporation and
Bylaws Thereof, the Qualifications
of Members, the Meetings of Such
Members and the Voting Privileges
Thereof. the Election of Boards of
Trustees. the Meetings. Terms, Quor-
UNI. Powers and Other Matters Re-
lating Thereto. Provisions for Voting
Districts. for the Election of TruS-
tees and Delegates, and Provisions
Relating to the Appointment and Re-
moval of officers and Their Powers
and Duties; Prescribing the Method
of the Amendment of the Articles of
Incorporation of Such Cooperatives
and for the Consolidation and Mer-
ger. Thereof and the Effect of Such
Consolidation or Merger; Prescribing
Corporations Into Such Operatives !;
Prescribing for the Initiative of
Members by Petition; Prescribing
the Method of Dissolution of such
Corporations Into Such Coopertaives ::
cd Filing Articles Thereof; Prescrib-
ing for the Disposition of the Reve-
nues of Such Cooperatives and for
the Distribution of Patronage Re-
funds; Prescribing for the DISPOSE
eratives Under Certain Conditions,
for the Non-Liability of Members
for the Debts of Such Cooperatives,
for the Recordation of Mortgages.
Deeds of Trust and Other Instru-
ments Executed Thereby. for Waiver
of Notice Required by this Act and
for Trustees. Officers or Members
Serving as Notaries Public; Prescrib-
ing for the Qualifications of Similar
Foreign Corporations for the Trans
action of Business in This State !;
Prescribing Certain Filing Fees
Prescribing an Annual License Fee
to Be Paid by Such Cooperatives
and EXempting Them from Excise
Taxes; Providing for the Exemption
of Such COoperatives from Commits
sion Jurisdiction and from the Pro-
visions of the Uniform Sale of Sc
curities Act; Defining Certain Terms :;
Prescribing for the Liberal Construc-
ton of This Act. the Separability of
its Provisions and that the Terms
Thereof Shall Be Controlling and
Further Prescribing the Effective
Date Thereof.
Be 1t Enacted by the Legislature of
the State of Florida:
Sec. /. SHORT TITLE. This Act
may be cited as the Rural Electric
Cooperative Act
Sec. 2. PURPOSE. Cooperative,
non-profit. membership corporations
may be organized under this Act
for the purpose of SURVIVING electric
energy and promoting and extending
the use thereof in rural areas. Cor
porations organized under this Act
and corporations which become SUBJ
iect TO this Act in the manner here
matter provided are hereinafter re-
ferred to as "cooperatives.
Sec. 3 POWERS. A cooperative
shall have power:
la To sue and be sued, in its cor
porate name:
(b) To have perpetual existence;
tc) To adopt a corporate seal and
alter the same at pleasure;
Id To generate. manufacture,
purchase. acquire, accumulate and
transmit electric energy. and to dis
tribute. sell. supply, and dispose of
electric energy N rural areas to its
members. to governmental agencies
and political subdivisions. and to 9th
er persons not in excess of ten per
centum ll0eel of the number of its
members; provided. however, that no
cooperative shall distribute or sell
any electricity, or electric energy