First of all, after we finally got the attention of the principal he contacted me and I explained the danger and the code violations.

He followed up by calling me again to tell me they were having it moved. He also asked me to help in locating where this should be, which I did.

They have had the POCO pull the fuse and have started the process.

Daniel, POCO is for power company.

Now to the danger of loosing a service neutral.

The made electrode (ground rod) would carry the circuit voltage to the ground at the immediate location. (The meter and panel would also be charged) This voltage would be at or near 120v depending on the drop across the load.

Being that the ground surface in this case could be wet and fertilized, the voltage gradient could extend quite aways at dangerous levels before dispersing to a safe level.
Anyone contacting something with a potential difference would be in danger.

Roger