77-5-205 - Formation of non-profit corporations authorized.
§ 77-5-205. Formation of non-profit corporations authorized.
Three (3) or more natural persons may, by executing, filing and recording a certificate as hereafter provided in this article, form a corporation not organized for pecuniary profit for the purpose of promoting and encouraging the fullest possible use of electric energy by making electric energy available at the lowest cost consistent with sound economy and prudent management of the business of such corporations.
Sources: Codes, 1942, § 5464; Laws, 1936, ch. 184.