No member shall be eligible to become or remain a Director or to hold any position of trust in the Cooperative who is not a bona fide resident of premises served by the Cooperative, or who is in any way employed by or financially interested in a competing enterprise or a business selling electric energy or supplies to the Cooperative or a business primarily engaged in selling electrical or plumbing appliances, fixtures or supplies to the members, or who within five (5) years preceding a director candidate nomination was an employee of the Cooperative, or is a close relative of a director or employee of the Cooperative, with close relative being defined as: spouse, cohabitant, mother, father, mother-in-law, father-in-law, sister, brother, sister-in-law, brother-in-law, and natural, step, and adopted children, or within fifteen (15) years preceding a director candidate nomination been convicted of a felony whether by judgment, order, settlement, conviction, plea of guilt, or plea of nolo contendere, or who is or becomes the full-time employee or agent of another director or employee, or who is or becomes the full-time employer or principal of another director, and no person shall take or hold office as a Director who is the incumbent of or candidate for an elective public office other than on a school board,  board of supervisors, township trustee, township clerk, or member of the State legislature; provided, however, that nothing in this Section contained shall, or shall be construed to, affect in any manner whatsoever the validity of any action taken at any meeting of the Board of Directors.  However, should the director temporarily not be a bona fide resident in the area served or to be served by the Cooperative because the member’s residence becomes uninhabitable due to an act of nature or any other act that is beyond the member’s control, or if the director is temporarily unable to claim the residency, such as in the case of a divorce, the director shall not be disqualified from continuing to serve as a director if the director provides evidence to the remaining Board of Directors that the director will be able to return to the residency or to another residency within the district from which the director has been elected within a period of sixty (60) days from the date the director has temporarily moved from the residency.  Such sixty (60) day period may be extended by the Board of Directors upon good cause shown which requires such extension.  When a membership is held jointly, either one, but not both, may be elected a director, provided, however, that neither shall be eligible to become or remain a director or hold a position of trust in the Cooperative unless both shall meet the qualifications herein above set forth.  Before the meeting of the committee on nominations for directors each year, the Board of Directors shall determine whether any director has ceased to be a bona fide resident of premises served by the Cooperative, and any director found by a two-thirds vote of all directors not to meet the residence requirement or any other qualifications of this Section, may continue to hold office only until the next annual meeting at which time the vacancy shall be filled by the members.