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Authorizing entities, either public or private, which are engaged in the generation, transmission, or distribution of electric energy for sale to the public, to cooperate and join in the planning, financing, acquisition, construction, ownership, operation and maintenance of power plants, transmission lines and other electric facilities; providing that each of such participating entities shall owe all the duties and shall have the rights, powers, liabilities, privileges, and exemptions attributable to its undivided interest in such facilities as providing by law with respect to an entire interest in electric facilities; providing specifically for the application of such rights, powers, and exemptions of each entity, acting for itself or for the participating entities, in the issuance of bonds and other securities, purchasing and condemning property under the power of eminent domain, to tax assessments and exemptions attributable to the respective interests of the participants, and for the insuring of property and risks in such jointly owned and operated facilities; containing a severability clause.