In addition to the authority granted under otherwise applicable law, the Village has the power and is authorized to create a corporate subsidiary or subsidiaries wholly owned by the Village, or to establish a joint venture or ventures between the Village or a subsidiary of the Village and any other business relationship with one or more third parties, in order to provide communications services within or without the corporate limits of the Village, or to provide customer-specific electric generation or cogeneration to customers within the Village's electric service territory; provided that, before any such subsidiary, joint venture, or business relationship may provide communications or customer-specific generation or cogeneration services, it shall obtain whatever regulatory approvals may be necessary under applicable law.