“Failure to exercise corporate powers” under § 6-52-301 shall include either subdivisions (1)(A)-(C) combined, or subdivision (2) alone:
(1) Failure to elect a mayor or legislative body, or both, for more than one (1) year after the time fixed for such elections; and
(2) Failure to levy and collect any municipal ad valorem property taxes for a period of three (3) successive years; and
(3) Failure to expend any funds for municipal purposes or adopt a budget for municipal expenditures for a period of three (3) successive years; or
(4) Failure to hold any municipal elections for more than twenty (20) years.