If any annexing municipality shall contract its boundaries so as to exclude from its corporate limits any territory, the utility may elect within sixty days thereafter to purchase from such municipality and such municipality shall, notwithstanding any other laws, thereupon sell and convey to the utility the electric distribution properties and service rights of the municipality in any part of the excluded area which the said electric utility had previously served; upon the same procedures set forth in §§ 49-34A-50 to 49-34A-52, inclusive.

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Source: SL 1975, ch 283, § 42 (7).