Current through Register Vol. 54, No. 25, June 22, 2024
Section 151.7 - Withdrawals from Cooperative Security Fund(a) A cooperative participating in the Cooperative Security Fund shall submit to the Board on or before the first day of participation in the Cooperative Security Fund a complete list of members and nonmember patrons belonging to the cooperative, together with the complete mailing address for each member or nonmember patron. Each participating cooperative shall provide the Board by the 25th day of each calendar month subsequent to the first month of participation in the Cooperative Security Fund with appropriate additions and deletions to the member and nonmember patron list.(b) The Board will give notice by first class mail to listed members and nonmember patrons of the opportunity to file claims for withdrawal from the Cooperative Security Fund within 5 days of discovery of an adjudication of bankruptcy of a participating cooperative.(c) Members and nonmember patrons of the bankrupt cooperative who desire to participate in the withdrawal from the Cooperative Security Fund shall file verified claims with the Board within 30 days of the date of notice from the Board. A claim postmarked later than 30 days after the date of notice from the Board will not be considered.(d) The Board will examine the claims filed by members or nonmember patrons of the bankrupt cooperative and will determine after hearing upon at least 5 days notice to the claimants and to the bankrupt cooperative the amount due each claimant. A certification of the amount determined to be due each claimant will be filed with the fiscal agent, each claimant and the bankrupt cooperative within 60 days after the claimants have filed verified claims.The provisions of this § 151.7 adopted October 17, 1980, effective 10/18/1980, 10 Pa.B. 4094.