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210.52(D) Bathrooms. In dwelling units, atleast one wall receptacle outlet shall be installed in bathrooms within 900mm (3 ft) of the outside edge of each basin. The receptacle outlet shall be located on a wall or partition that is adjacent to the basin or basin countertop.

Hmm, whatever the intent, reading the letter of what's written there, I guess it doesn't say that the recept must be above the basin (or countertop, if present).

Concise Oxford English dictionary:
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adjacent a. Lying near; contiguous to.

I guess it comes down to one's individual interpretation of what constitutes "near."

Letter of the rules aside, my instinct would be that the outlet should be placed up high rather than down in the baseboard.