This bill establishes new provisions regarding financial record access for members of cooperative associations that provide utility services. Specifically, it mandates that these associations must provide their most recent biennial report and any requested financial information, including the budget and balance sheet, to any member upon reasonable request. The associations are required to deliver this information within thirty days of the request.

The bill defines a nonprofit cooperative association as a corporate entity formed by actual producers or consumers of a commodity, operating for the mutual benefit of its members rather than for profit. It also outlines the structure of cooperative associations, emphasizing that control is vested in members based on a one-member, one-vote principle, and that net earnings are distributed among members in proportion to their dealings with the association.