49-40-4. Right of municipality to purchase portion of assets within boundaries. Whenever any consumers district shall, as provided in chapters 49-35 to 49-40, inclusive, acquire, by purchase, lease or otherwise, any electric distribution system, or any part or parts thereof, situated within or partly within any municipality, if any part of such system be within such municipality, such acquisition shall be upon the condition that such municipality may purchase, and such district shall be required to sell to such municipality such electric distribution system, situated within or partly within such municipality, but not within the corporate limits of any other municipality, by paying to such district such sum as is fair and reasonable, including reasonable severance damages.
Source: SL 1950 (SS), ch 17, § 65; SDC Supp 1960, § 52.1764.
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