§ 67-4a-602. Businesses not to circumvent requirements of chapter.

Latest version.

A corporation or business may not, through its articles of incorporation, by-laws, by private agreement, or otherwise, circumvent the unclaimed property process established by this chapter by making a private escheat that would:

(1) take or divert funds or personal property into income;

(2) divide funds or personal property among locatable patrons or stockholders;

(3) place funds or personal property in education or other funds; or

(4) divert funds or personal property by any other type of appropriation.

Enacted by Chapter 198, 1995 General Session

                    
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