MS HB1139

Allows electric power associations to have perpetual corporate duration instead of the previous 99-year limit and permits use of either "electric power association" or "electric cooperative" in their names

Transfers rate-setting authority from the Mississippi Public Service Commission to the corporations' own boards of directors, while maintaining commission oversight for disconnection policies during extreme weather, life-threatening medical situations, and domestic violence victim deposits

Streamlines corporate governance procedures including simplified filing with the Secretary of State (removing Attorney General and Governor approval requirements), expanded director compensation and benefits, and allowance for telephone/video conference board attendance

Establishes that the Mississippi Public Service Commission cannot regulate corporations whose operations are already regulated by the Tennessee Valley Authority, requiring the commission to defer to TVA authority unless it obtains a favorable court judgment

Creates a 6-year statute of limitations for collection or reimbursement claims arising from billing errors and establishes voluntary mediation (rather than mandatory arbitration) through the Public Service Commission for disputes between members and electric power associations