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AV-19 Power and EMC Companies Annual Report for Ad Valorem Tax Valuation under North Carolina General Statute 105-333(4) Electric membership corporation. - A company organized, reorganized, or domesticated under Chapter 117 of the General Statutes and engaged in the business of supplying electricity for light, heat, or power to consumers in this State. (5) Electric power company. - A company engaged in the business of supplying electricity for light, heat, or power to consumers in this State.