An incorporator or a director of an energy acquisition corporation must be a natural person who meets any of the following qualifications:(1) With respect to a natural person seeking to act as an incorporator or director of an energy acquisition corporation organized or proposed to be organized with respect to and for the benefit of a county or incorporated city, town or metropolitan government, a duly qualified elector of and taxpayer in the county or incorporated city, town or metropolitan government;(2) With respect to a natural person seeking to act as an incorporator or director of an energy acquisition corporation organized or proposed to be organized with respect to and for the benefit of a utility district or gas, electric or energy authority, a resident and landowner within the boundaries of the utility district or gas, electric or energy authority;(3) A member of the governing body of the municipality with respect to and for the benefit of which the energy acquisition corporation is organized or proposed to be organized; or(4) An employee of the energy distribution system of the municipality with respect to which and for the benefit of which the energy acquisition

corporation is organized or proposed to be organized; or(4) An employee of the energy distribution system of the municipality with respect to which and for the benefit of which the energy acquisition corporation is organized or proposed to be organized.Acts 1977, ch. 299, § 2; T.C.A, § 6-4202; Acts 1997 , ch. 93, § 2; 1999, ch. 345, §§ 3 - 5; T.C.A. § 7-39-102(b); Acts 2007 , ch. 263, § 4.