7-39-103 - Qualfications of incorporator or director of energy acquisition corporation.
7-39-103. Qualfications of incorporator or director of energy acquisition corporation.
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.
[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.]