§ 37-17-103 — Procedures for exemption; exclusion from exemption provisions

(a) The board of directors of any cooperative electric
utility may adopt a resolution for exemption from public service
commission retail rate regulation and submit the resolution to
the member owners for a vote.
(b) A vote on exemption shall take place only during a
cooperative electric utility’s annual meeting or by mail ballots
returned prior to and counted at the annual meeting.
Notification of a vote on the resolution shall be provided to
the member owners at least thirty (30) days prior to the annual
meeting.
(c) Upon an affirmative vote of a majority of the member
owners voting on the resolution in person or by mail ballot, the
election results shall be filed with the commission. On the date
of filing, the exemption shall become effective.
(d) No cooperative electric utility that has net annual
sales greater than two billion (2,000,000,000) kilowatt hours,
in the previous calendar year shall be eligible for the
exemption provided under this article. Any cooperative electric
utility exempt under this article which exceeds the limit
specified in this subsection shall return to retail rate
regulation in the next calendar year.