1. Every person, company, corporation or association which is engaged in business in this state as a public utility shall have, and is hereby given, the right to purchase water or electric current for its use as such public utility from any other person or corporation having for sale a surplus of such water or electric current. 2. Any public utility desiring to purchase such water or electric current for resale or for purposes other than its own use shall file an application with the Commission, setting forth: (a) The terms and conditions of the proposed purchase of such electric current or water. (b) The person or corporation from whom such purchase is proposed to be made. (c) The duration of the contract to purchase. (d) Such other information relative thereto and in the possession of the applicant as the Commission shall prescribe. 3. If the Commission shall find it desirable in the public interest that the purchase be made, it shall approve the application, and upon approval the public utility may make and execute the contract of purchase. 4. The person or corporation selling such water or electric current to the public utility under the contract approved by the Commission shall not thereby become, or be deemed to be, a public utility within the meaning of any statute of this state, nor shall it by virtue of such contract be deemed to be within or subject to the jurisdiction of the Commission in any respect whatsoever, nor shall it thereby be deemed to be in any sense a public service corporation, or engaged in a public service. 5. The terms and provisions of this section shall be taken and considered to be a part of any such contract, and the faith of the State of Nevada is hereby pledged against any alteration, amendment or repeal of this section during the existence of any such contract, or any extension thereof, approved by the Commission.
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