§ 117-16. Corporate purpose; terms and conditions of membership. - North Carolina Statutes

§ 117‑16. Corporate purpose; terms and conditions of membership.

The corporate purpose of each corporation formed hereunder shall be torender service to its members only, and no person shall become or remain amember unless such person shall use energy supplied by such corporation andshall have complied with the terms and conditions in respect to membershipcontained in the bylaws of such corporation: Provided, that such terms andconditions of membership shall be reasonable; and provided further, that nobona fide applicant for membership, who is able and willing to satisfy andabide by all such terms and conditions of membership, shall be deniedarbitrarily, or capriciously, or without good cause. With respect to themembers of an electric membership corporation whose principal purpose is tofurnish or cause to be furnished bulk electric supplies at wholesale, the word"use" as used in this section shall also mean either "use andpurchase" or "purchase" solely, as the case may be, and thewords "supplied by" shall also mean "supplied for the accountof". With respect to an electric membership corporation whose principalpurpose is to furnish or cause to be furnished bulk electric supplies atwholesale, it shall be lawful for such corporation to enter into jointarrangements with other power supply entities, including but not limited toinvestor‑owned public utilities and bodies politic, for the purchase andsale of bulk power supplies and bulk power services and for the joint ownershipof bulk power supply properties. (1935, c. 291, s. 11; 1959, c. 387, s. 2; 1979, c. 285, s. 3.)