LOL, go back 40 years when my house was built and you will understand...My fabulous Square D meter pan has many offerings you don't see today.
If you open it, there is a lever inside that when pulled down halfway spits the meter out in your hand and opens all contacts...if you then drop the handle all the way down, it connects house to pole without meter installed....yep, free electricity.
On the bottom meter lugs in the pan there are twin female lugs for each of the three drops from the pole.
These twin lugs allow you to double tap legally off the meter...one tap went to house panel, the other to whatever......It's still Code and grandfathered in IF both panels are configured alike....as in if you just had a single house panel like today where 3 conductors feed it from pole drop-all grounds and bares are bonded, and the box is grounded to earth thru driven copper rods....just imagine that scene in parallel.
Yup, it's legal as an existing install.....The power company don't like it now-a-days cause they want all outbuildings paying meter charges, or ran 4 conductor with separate ground/bares as a subpanel.
Relax, Gents, it's all good