Reference is to Printer's Date 3/7/2019-H.
Amend the bill, as and if amended, by adding a new SECTION to read:
/ SECTION __. Article 1, Chapter 49, Title 33 of the 1976 is amended by adding:
"Section 33-49-160.
(A) An association formed by a group
of electric cooperatives that meets the requirements of Section
501(c)(6) of the Internal Revenue Code, is organized under the
laws of this State and has as its purpose the representation of
the interests of electric cooperatives in this State, must be
subject to the requirements contained in this section.
(B) The board of
trustees of the association must disclose at a location
accessible and visible to the its member cooperatives on its
website by May fifteenth of each year, all compensation or
benefits by category paid to or provided for board members
during the previous calendar year. For purposes of this
section, categories include, but are not limited to:
(1)
daily per diem amount;
(2)
total per diem compensation paid for attendance at regular
meetings of the board of trustees;
(3)
total per diem compensation for attendance at special
meetings of the board, including board of trustee committee
meetings;
(4)
total per diem compensation for attendance at meetings of
cooperative service originations;
(5)
total per diem compensation for trustee training and
certification;
(6)
total expenses paid or reimbursed, including mileage,
subsistence, entertainment, or travel expenses paid in
conjunction with subsection (B)(2) through (5);
(7)
the total value of and a description of any other fringe
benefits provided; and
(8)
the total value of and a description of any goods or
services required to be disclosed by Section
33-49-160(D)(3)(c)
(C) The association
must include on its annual IRS Form 990 filing, information on
its revenue and expenses, including but not limited to, the
total revenue and spending of the association by each of its
departments.
(D)(1) The bylaws of
the association may make provision for the compensation of
trustees; provided, however, that compensation must not be paid
except for actual attendance upon activities authorized by the
board. The bylaws also may provide for the travel, expenses,
and other benefits of trustees, as set by the board. A trustee
of the association must not be employed by the entity in any
other capacity involving compensation.
(2)
A member of the association's board of trustees, or one of
the association's officers, may not:
(a)
knowingly use his position as a trustee or an officer of
the association to obtain an economic interest in addition to
his compensation, if any, for serving as a member of the board
of trustees or as an officer for himself, a family member, an
individual with whom he is associated, or a business with which
he is associated;
(b)
have a business relationship with the association that is
distinct from or in addition to his service on the board of
trustees or as an officer; or
(c)
appoint, direct, or cause a family member to become an
employee of the association.
(3)
A member of the association's board of trustees or an
officer of the association is not prohibited by this section
from accepting goods or services such as lodging,
transportation, entertainment, food, meals, beverages, or any
other thing of value from the association provided that:
(a)
the value of the good or service is reasonable and the
purpose relates to his duties as a trustee or an officer;
(b)
the good or service is furnished on the same terms or at
the same expense to a member of the general public or to general
attendees of functions considered reasonable for the fulfillment
of his duties as a trustee or as an officer of the association;
or
(c)
if the good or service is of more than twenty-five dollars
in value and is furnished to the trustee or the officer of the
association by a company that the trustee or officer knows has,
or seeks, a business relationship with the association, and the
company is not a member of the association, the trustee or
officer must disclose the acceptance of the good or service to
the board. These restrictions do not apply to the extent a
cooperative has or seeks membership in the association.
(4)
For purposes of this section, 'an individual with whom he
is associated' has the same meaning as provided in Section
8-13-100(21) and 'family member' has the same meaning as
provided in Section 8-13-100(15).
(E) The Office of
Regulatory Staff under the provisions of this subsection is
vested with the authority and jurisdiction to make inspections,
audits, and examinations of the association pursuant to the
provisions of Chapter 4, Title 58 relating to the compliance of
the association with the provisions of this section and its
bylaws. Where the board of trustees of the association has
exercised its business judgment in accordance with sound
business and management practices and consistent with the
long-term financial stability of the association and the benefit
of its members, the Office of Regulatory Staff is not authorized
to disturb the resulting decisions of board of trustees. Upon
completion of an authorized inspection, audit, or examination,
the Office of Regulatory Staff must report its findings to the
management and board of the association and attempt to resolve
with the management and board any compliance issues that are
identified. The Public Service Commission is vested with the
authority and jurisdiction to resolve any disputed issues
arising from the inspections, audits or examinations.
/
Renumber sections to conform.
Amend title to conform.