Today's Law As Amended


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AB-2897 Electrical cooperatives and gas cooperative.(2019-2020)



As Amends the Law Today


SECTION 1.

 Section 2776 of the Public Utilities Code is amended to read:

2776.
 (a)  As used in this chapter, the term “electrical cooperative” means any private corporation or association organized for the purposes of transmitting or distributing electricity exclusively to  to, or generating or storing electricity exclusively for,  its stockholders or members at cost.
(b) As used in this chapter, “gas cooperative” means any private corporation or association organized for the purposes of transmitting or distributing gas exclusively to, or acquiring or storing gas exclusively for, its stockholders or members at cost.

SEC. 2.

 Section 2777 of the Public Utilities Code is amended to read:

2777.
 The commission shall have no authority to establish rates or regulate the borrowing of money, the issuance of evidences of indebtedness, or the sale, lease, assignment, mortgage, or other disposal or encumbrance of the property of any electrical or gas  cooperative.

SEC. 3.

 Section 2778 of the Public Utilities Code is amended to read:

2778.
 Except as otherwise specified in this chapter, every electrical or gas  cooperative is subject to Part 1 (commencing with Section 201).