Georgia Statutes
§ 46-3-340 — Nonprofit operation of electric membership corporations required; rates and fees to cover costs of operation and interest payments and for maintaining reserves; bylaw provisions concerning revenues, assets, and member classification
Georgia·Title 46
(a)Each electric membership corporation shall be operated without profit to its members; but the rates, fees, rents, or other charges for electric energy and any other facilities, supplies, equipment, or services furnished by the electric membership corporation shall be sufficient at all times:
(1)To cover all administrative and operating expenses and the costs of purchased capacity and energy as necessary or desirable for the prudent conduct of its business, and to cover the payments of the principal of and interest on the obligations issued or assumed by the electric membership corporation in the performance of the purposes for which it was organized; and (2) To establish and maintain reasonable reserves.
(b)An electric membership corporation may also accumulate funds for future capit
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Georgia § 46-3-340 (Nonprofit operation of electric membership corporations required; rates and fees to cover costs of operation and interest payments and for maintaining reserves; bylaw provisions concerning revenues, assets, and member classification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Jordan v. Georgia Power Co.
466 S.E.2d 601 (Court of Appeals of Georgia, 1996)
Lowman v. State
398 S.E.2d 832 (Court of Appeals of Georgia, 1990)
Walker v. Oglethorpe Power Corp.
802 S.E.2d 643 (Court of Appeals of Georgia, 2017)
City of LaGrange v. Troup County Electric Membership Corp.
408 S.E.2d 708 (Court of Appeals of Georgia, 1991)
Michael Shapiro v. Oglethorpe Power Corporation
(Court of Appeals of Georgia, 2017)