Any association organized under the provisions of N.M. Stat. Ann. Chapter 3, Article 28 may elect by resolution adopted by its board of directors to become subject to the jurisdiction of the New Mexico public utility commission [public regulation commission] in matters of rates, security issues, jurisdictional area and industrial service and to all of the terms and provisions of the Public Utility Act [Chapter 62, Articles 1 to 6 and 8 to 13 NMSA 1978], as amended. Provided, any association that so elects shall not be subject to any limits on its power of eminent domain as provided in Section 3-28-19 N.M. Stat. Ann. nor shall it be prohibited from providing gas service within an area described in any other gas utility’s jurisdictional certificate as provided in Section 3-28-1 N.M. Stat. Ann..