Regional Energy Development Act of 1979

[AI summary unavailable — showing source text] Regional Energy Development Act of 1979 - 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. Defines "Northeastern States" as 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, not an agency or establishment of the United States, to be known as the Energy Corporation of the Northeast. 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 subscribes for State stock, contributes initial capital in the amount of $1 per capita, and enacts supporting legislation. Allows the Corporation to be…