Municipal franchises.

§ 117-10.1. Municipal franchises. An electric membership corporation shall be eligible to receive a franchise pursuant to G.S. 160-2(6) from any city or town: (1) In which such electric membership corporation is on April 20, 1965 furnishing electric service at retail to a majority of the electric meters; or (2) To which such electric membership corporation is on April 20, 1965 furnishing the entire supply of electricity at wholesale; or (3) Which is newly incorporated subsequent to April 20, 1965, and in which on the effective date of such incorporation the electric membership corporation is furnishing electric service at retail to a majority of the meters.