If any domestic or foreign electric utility acquires or owns an interest as a tenant in common with one or more other domestic or foreign electric utilities in any electric-generating facility in this state, the surrender or waiver by any owner of the property of the right to partition the property for a period not exceeding the period for which the property is used or useful for electric utility purposes, shall not be invalid or unenforceable by reason of the length of the period, nor shall such surrender or waiver be construed as unduly restricting the alienation of the property.
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