There shall continue to be a Power Board for the Town of Murphy, to be known and designated as “The Town of Murphy Electric Power Board,” hereinafter referred to as the “Power Board.” The Power Board shall consist of three citizens who are customers of the Power Board, who shall serve staggered terms of six years each. That Francis C. Bourne, Jr. be and he is hereby appointed a member of and as Chairman of said Board to serve for a term of six years from and after the effective date of this act; Jerry O’Henry Hatchett be and he is hereby appointed a member of said Board to serve for a term of four years from and after the effective date of this act; and William F. Forsyth be and he is hereby appointed a member of said Board to serve for a term of two years from and after the effective date of this act. Vacancies in the membership of said Board shall be filled by the governing body of the Town of Murphy for the balance of the term and the successors to the members of said Board appointed by this act shall be appointed by the governing body of the Town of Murphy for terms of six years each. A member of the Town Board of Commissioners shall be eligible to serve as a member of the Power Board.