Re: Conductors from meter to main disconnect.
The permitted wiring methods are listed in 230.43. I don't see any welding cable on the list. I do not believe the code in force in 1980 allowed it then, either. If the Building official is made aware of this, and the building code in force at the time of it's installation forbade it, he is required by law to require the building owner to make the necessary repairs. A code violation is a code violation. There is not a statute of limitations, and the burden lies with the building owner. He may then sue for compensation from whomever, after the repairs are completed.
That's the theory, anyway. In real life this sort of thing never gets addressed until a disaster happens.
Earl