230.40, Exception 3

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I have a situation where a set of overhead service drop conductors are passing through a weather head, through a service mast and terminating on the top side of a single meter socket. On the bottom side of this meter socket one set of service entrance conductors terminates at a disconnect located on the same separate structure as the meter socket. The other set of service conductors, from the bottom side of same meter socket enclosure, is installed underground to the one-family dwelling where they terminate at the main panel disconnect. Since both sets of conductors originating at bottom side of meter socket are considered service entrance conductors and because this installation is for a one-family dwelling, is this installation acceptable per 230.40, Exception 3?
 
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