Nonprofit organization and operation

Electric cooperatives heretofore incorporated under the former "Electric Cooperative Law" or hereafter incorporated under this chapter 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; T.C.A. § 65-25-203 . Electric cooperatives heretofore incorporated under the former "Electric Cooperative Law" or hereafter incorporated under this chapter 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; T.C.A. § 65-25-203 .