65-25-203 - Nonprofit organization and operation.
65-25-203. Nonprofit organization and operation.
Electric cooperatives heretofore incorporated under the former Electric Cooperative Law or hereafter incorporated under this part shall be organized and operated on a nonprofit basis and without pecuniary gain, and shall furnish their services on an area coverage basis at the lowest cost consistent with sound business principles.
[Acts 1988, ch. 689, § 2.]