Regional Energy Development Act

[AI summary unavailable — showing source text] Regional Energy Development Act - Chapter I: Introductory - Declares that energy shortages and the high cost of energy have created economic hardships in the Northeastern States, which would especially benefit from regional cooperation with the United States through an entity capable of financing and otherwise promoting increased energy supply and energy conservation in the "Northeastern States" of Connecticut, Maine, New Hampshire, New Jersey, New York, Rhode Island, Vermont, Pennsylvania and Massachusetts. Chapter II: Organization, Management, Powers - Authorizes the creation of a corporation for profit, which will not be an agency or establishment of the Federal government. Directs the President to appoint incorporators who reside in the Northeastern States to serve as the initial Board of Directors of the Corporation, and to take whatever actions are necessary to establish the Corporation. Stipulates that a Northeastern State shall become a member of the Corporation when such State shall subscribe for State stock, contribute initial capital in the amount of $1 per capita, and enact supporting legislation. Allows the Corporation to become operational if at least three States bec…