JWhite & Steve,

Yes, this is done in my area as well. I think that you can even order meter cans with studs only and then install the desired lugs yourself.
If I remember correctly, the code allowed this practice until the 70's then it was taken out for about 24 years. I'm not sure but I think it (230-40 exception #1) first reappeared in the 2002 code.

[This message has been edited by Helectric (edited 12-07-2005).]