(1) Boards of public utilities, when created in the manner set out in this subchapter, shall be composed of five (5) members each of whom, at the time of his election shall not be less than twenty-five (25) years old and a resident and owner of real estate in one (1) or more of the improvement districts owning the light or water plants or sewerage systems coming under the control of the board of public utilities as provided.
(2) No officeholder, either state, county, or municipal, whether elected or appointed, or his deputy, shall be eligible to membership on any board of public utilities created under this subchapter.