Any number of natural persons not less than three may, by executing, filing and recording a certificate as hereinafter provided, form a corporation not organized for pecuniary profit for the purpose of promoting and encouraging the fullest possible use of electric energy in the rural section of the State by making electric energy available to inhabitants of the State at the lowest cost consistent with sound economy and prudent management of the business of such corporations.
N.C. Gen. Stat. § 117-10
Formation authorized
Known as the Electric Membership Corporation Act
The act spans §§ 117-10 to 117-9 (26 sections).
Applied in 4 court decisions — leading case Time Warner Entertainment-Advance/Newhouse Partnership v. Carteret-Craven Electric Membership Corp. (2007)
Most recently applied in Time Warner Entertainment-Advance/Newhouse Partnership v. Carteret-Craven Electric Membership Corp. (October 2007)
1935, c. 291, s. 5.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.